Cisco to Cut 7% of Global Workforce
Cisco Systems Announces Job Cuts Amid Shift in Focus
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**August 14, 2024:** In a significant move, Cisco Systems, Inc. has announced plans to reduce its global workforce by 7% as part of a strategic shift towards high-growth areas.
The company, known for its networking and cybersecurity solutions, stated that the job cuts will affect approximately 5,500 employees worldwide. This reduction constitutes a substantial portion of Cisco's workforce of approximately 80,000.
In a statement released by the company, Cisco explained that the decision was made as part of its ongoing efforts to streamline operations and focus on areas of growth. The company has been grappling with declining demand for its traditional hardware products amid the rise of cloud computing and software-defined networking.
Cisco CEO Chuck Robbins said, "Today's actions are part of our ongoing efforts to transform Cisco and position the company for long-term growth and profitability. We are committed to providing support to impacted employees during this transition."
The company plans to use the cost savings from the job cuts to invest in research and development, cloud-based solutions, and other high-growth areas. Cisco is also exploring partnerships and acquisitions to accelerate its growth and remain competitive in the evolving technology landscape.
The job cuts will be implemented gradually over the coming months. Impacted employees will receive severance packages, job placement assistance, and other support services.
The announcement has sent shockwaves through the tech industry and is expected to have a significant impact on the employment market. Cisco's workforce reduction highlights the changing nature of the technology sector, where companies are increasingly shifting towards software and services-based models.
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