Cisco to Cut Thousands of Jobs in Restructuring, Reuters Says

Cisco Systems Inc. is cutting thousands of jobs as the largest maker of computer networking equipment restructures its business to focus on high-growth areas, Reuters reported.

The San Jose, California-based company had 84,900 employees at the end of July 2023, according to filings. An announcement could come as early as next week, according to the Reuters report.

Cisco has been struggling as orders for networking hardware are slowing, taking a toll on growth. Chief Executive Officer Chuck Robbins is trying to reduce dependence on one-time sales of equipment by pushing deeper into software and services, such as security. ...