Cisco Systems to Lay Off More Than 4,000 Workers in Latest Sign of Tighter Times in Tech

Cisco Systems to Lay Off More Than 4,000 Workers in Latest Sign of Tighter Times in Tech
Cisco Systems logo is seen in a file photo taken in 2017. Justin Sullivan/Getty Images
The Associated Press
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SAN FRANCISCO—Internet networking pioneer Cisco Systems is jettisoning more than 4,000 employees, joining the parade of technology companies in a trend that has helped boost their profits and stock prices while providing a sobering reminder of the job insecurity hanging over an industry increasingly embracing artificial intelligence.

The mass layoffs announced Wednesday in conjunction with Cisco’s latest quarterly results represent about 5 percent of its worldwide workforce of 84,900. The purge follows Cisco’s late 2022 cutbacks that shed 5,000 workers and ahead of its $28 billion acquisition of Splunk, a deal that management now expects to complete by April 30. Cisco—a company best known for making much of the technology that connects the internet—expects its reorganization to cost an additional $800 million.