Cisco Systems said on Wednesday it was witnessing rebounding demand for its networking equipment and announced a 7 percent cut in its global headcount to focus on high-growth areas such as AI and cybersecurity.
Shares of the company were up 5 percent in extended trading after it forecast upbeat current-quarter revenue.
“Inventory digestion is complete and we’re now returning to a more normalized demand environment,” CEO Chuck Robbins said on an analyst call.
Cisco has been working to reduce its reliance on its massive networking equipment business, which has struggled due to supply-chain disruptions and a slowdown in post-pandemic demand. In February, it said it would cut 5 percent of its global workforce or more than 4,000 jobs.
It announced the second round of layoffs on Wednesday, confirming a Reuters report from last week.
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Cisco Sees Recovery in Equipment Demand, Cuts 7 Percent Jobs Globally
- by: Reuters
- 08.14.24
- Source:
The Epoch Times
- 08/15/2024
Cisco by is licensed under https://commons.wikimedia.org/wiki/File:Cisco_Amsterdam_%28Netherlands%29.jpg
Cisco by is licensed under https://commons.wikimedia.org/wiki/File:Cisco_Amsterdam_%28Netherlands%29.jpg
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