24/7 Space News
TECH SPACE
Cisco announces it is laying off thousands of workers
Cisco announces it is laying off thousands of workers
by AFP Staff Writers
San Francisco (AFP) Feb 15, 2024

Cisco is cutting thousands of jobs as part of a restructuring plan, the computer networking giant announced Wednesday.

About 5 percent of Cisco's global workforce will be affected by the layoffs, the Silicon Valley-based company said while announcing its latest quarterly earnings figures.

Cisco ended last year with nearly 85,000 employees, according to its website.

Analysts say that tech layoffs could become a new normal for Silicon Valley in a big pivot to artificial intelligence.

The cuts are not on the same scale as in late 2022 and early 2023 when tech companies got rid of hundreds of thousands -- a blowback from the hiring frenzy during the pandemic when companies ramped up employee counts as everyday life turned online.

Cisco late last year agreed to buy cybersecurity company Splunk in a $28 billion deal, its biggest ever acquisition.

Cybersecurity has grown into a huge business for tech companies and the deal puts Cisco, known mostly for routers and network equipment, on par with rivals Palo Alto Networks, Check Point, CrowdStrike and Microsoft, analysts said.

Cisco reported revenue of $12.8 billion in the fiscal quarter that ended in late January, down 6 percent from the same quarter a year earlier.

The company said it made a profit of $2.6 billion, about 5 percent less than it did in that quarter a year ago.

"We continue to align our investments to future growth opportunities," Cisco chief executive Chuck Robbins said in an earnings release.

"Our innovation sits at the center of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations."

Cisco shares slid more than 5 percent to $47.65 in after- market trades that followed release of the earnings figures.

Related Links
Space Technology News - Applications and Research

Subscribe Free To Our Daily Newsletters
Tweet

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TECH SPACE
Shifting the Battlefield: The Critical Role of EMS in Modern Warfare
Los Angeles CA (SPX) Feb 09, 2024
In the shadow of traditional warfare images, a largely unseen yet pivotal battlefront has emerged in the Russian invasion of Ukraine, spotlighting the strategic importance of the Electromagnetic Spectrum (EMS) in modern military operations. According to recent reports, Russian forces have intensified their Electronic Warfare (EW) tactics, leveraging the EMS to disrupt and degrade Ukrainian military communications and drone capabilities. This advanced use of technology underscores a global trend where co ... read more

TECH SPACE
NASA Solar Sail Technology Passes Crucial Deployment Test

Virgin Galactic Marks 11th Spaceflight with Full Passenger Manifest

Starlab Space unveils leadership team to propel space exploration ventures

Collins Aerospace Advances Next-Gen Spacesuit for ISS in Milestone Test

TECH SPACE
MITRE and MDC team up to advance at Midland Spaceport

Japan postpones next-gen rocket launch over weather

SpaceX Expands Global Internet Coverage with 22 New Starlink Satellites

Dream Chaser Spaceplane Undergoes Extreme Testing at NASA's Armstrong Facility

TECH SPACE
Confirmation of ancient lake on Mars builds excitement for Perseverance rover's samples

NASA helicopter's mission ends after three years on Mars

New Year, New images from Perseverance on Mars

Polka Dots and Sunbeams: Sol 4078

TECH SPACE
BIT advances microbiological research on Chinese Space Station

Shenzhou 18 and 19 crews undertake intensive training for next missions

Space Pioneer and LandSpace Lead China's Private Sector to New Heights in Space

Tianzhou 6 burns up safely reentering Earth

TECH SPACE
Into the Starfield

Sidus ships LizzieSat to Vandenberg for upcoming SpaceX launch

Next-generation satellite systems propel shift in capacity pricing and industry dynamics

Apollo to Artemis: Why America is betting big on private space

TECH SPACE
Four Xbox exclusives heading to rivals in big shift

DLR develops mobile station for Satellite Laser Ranging

Benchtop test quickly identifies extremely impact-resistant materials

Ubisoft launches long-awaited 'Skull and Bones' video game

TECH SPACE
UC Irvine-led team unravels mysteries of planet formation and evolution in distant solar system

NASA's Hubble Finds Water Vapor in Small Exoplanet's Atmosphere

Carbon Monoxide Dynamics Offer New Insights into Exoplanet Habitability

What Kind of World is LHS 1140b

TECH SPACE
NASA invites public to dive into Juno's Spectacular Images of Io

Europa Clipper gears up with full instrument suite onboard

New images reveal what Neptune and Uranus really look like

Researchers reveal true colors of Neptune, Uranus

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.