"Cisco Plans Major Layoffs to Prioritize High-Growth Sectors: Sources"

Cisco is planning to lay off thousands of employees as part of a restructuring to focus on high-growth areas, according to sources. The company, which currently has 84,900 employees, is expected to make an announcement next week. This move comes after a previous restructuring in November 2022, and amid a trend of tech companies implementing layoffs to lower costs. Cisco had previously cut its full-year revenue and profit forecasts, citing a slowdown in demand for its networking equipment, and has been pushing into software offerings like cybersecurity.