Cisco Systems to lay off more than 4,000 workers in latest sign of tighter times in tech
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. Combined with a wave of layoffs last year, the workforce reductions have helped the companies lift their already lofty profits even higher — a goal that has also elevated their collective market values. But Cisco’s stock price has gained just 6% during the same period, a factor that might have played into management’s decision to make even deeper payroll cuts than some of the company’s tech brethren. Like its peers, Cisco is also sharpening its focus on areas of tech most likely to produce future growth — an adjustment prompting many tech companies to eliminate positions in some departments, while creating more jobs in the still-nascent field of artificial intelligence, or AI, which is becoming knowledgeable enough to begin tackling tasks that traditionally required a human brain.
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