"Cisco Announces 5% Workforce Reduction, Impacting Thousands of Jobs"

Cisco plans to lay off 5% of its global workforce, amounting to thousands of employees, as part of a company-wide restructuring to focus on key priority areas such as artificial intelligence. The company's CEO, Chuck Robbins, stated that the layoffs are part of aligning investments to future growth opportunities, with a focus on innovation in the increasingly connected ecosystem. This move comes as Cisco's revenue fell 6% year-over-year in its fiscal second quarter, and it joins a list of tech companies that have announced workforce cuts in recent months.