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Cisco Systems to lay off more than 4000 workers in latest sign of tighter times in tech
Internet networking pioneer Cisco Systems is jettisoning more than 4,000 employees. It's the latest to join the parade of technology companies in a job-cutting trend that has helped boost their profits and stock prices.
SAN FRANCISCO (AP) — 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. But Cisco foresees sluggish demand for its products and software services during the next three to six months while its customers exercise “a greater degree of caution” amid an uncertain economic outlook, CEO Chuck Robbins said Wednesday during a conference call with analysts. Robbins hailed Cisco’s close relationship with chipmaker Nvidia, whose leadership in AI has transformed it into one of the world’s most valuable companies during the past year, as a sign that it will also be well positioned to capitalize on the technology, too.
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