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Job Cuts: The giant networking company Cisco is planning to lay off about 7 percent of its employees. The company is going to do large-scale layoffs (Cisco Layoffs). Due to which many employees may be affected. The company's results from May to July were better than expected, even after which the company is planning to lay off employees.
The company gave this information to the US Exchange. According to which the company is going to lay off 7 percent of its employees. This means that about 6,000 employees of the company may lose their jobs. Even before this, the company has done large scale layoffs (Cisco Layoffs).
Earlier this year in February 2024 itself, the company had fired 4,000 people, which was 5 percent of the total workforce of the company.
Why are there layoffs again?
Cisco officials say that after the layoffs, the company wants to cut costs. The company will use this money on cyber security and AI. After the layoffs, the company's costs may be reduced by $1 billion.
The company hopes that after this layoff decision, the company will be able to save 700 to 800 million dollars by the first quarter of 2025. A target has also been set to save a large amount by the end of the year.
Which AI companies will Cisco invest in?
Cisco says that it invested in AI startups Cohere, Mistral and Scale in June 2024. This investment in all three startups was $1 billion. Not only this, the company is also going to start working on AI with Nvidia.
These companies have also done layoffs
Many big tech companies have also announced layoffs. Intel has announced layoffs of 15,000 employees. Similarly, Dell has announced layoffs of 12,500 employees. The process of layoffs has been going on since the beginning of this year.
