Economic

Cisco confirms it will cut up to 5,500 jobs, or 7% of its global workforce

“We caught wind earlier this week that Cisco was planning a major cost-cutting operation to reduce its costs by around 15% throughout the month. It looks like the first stage of that is a round of cut jobs, with Cisco announcing as part of its earnings report that it will cut up to 5,500 jobs, or 7% of its workforce.

The move isn’t unexpected as Cisco works to transition to a new era where it can’t simply focus on only building its core networking hardware. The company has been aggressively spending on acquisitions since the beginning of last year, including paying $1.4 billion most recently for Jasper Technologies in a move into managing Internet of Things devices.”

Source: Cisco confirms it will cut up to 5,500 jobs, or 7% of its global workforce | TechCrunch

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