Military 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
Aerojet Rocketdyne Powers Key U.S. Missile Defense Test with Advanced MRBM Target

THAAD Localization Efforts Align with Saudi Vision 2030 Objectives

Northrop Grumman Advances Homeland Defense with Early NGI Milestone

U.S. hits two more Houthi missiles in ninth Yemen attack

TECH SPACE
CENTCOM says it thwarted Houthi missile launcher strike on Red Sea vessels

NKorea's Kim oversaw test of cruise missiles launched from submarine: state media

North Korea tested new submarine-launched cruise missile

Iran fires first ship-based long-range ballistic missiles

TECH SPACE
US vows decisive response to deadly drone attack in Jordan

LIDS: The Army's Answer to Evolving Unmanned Aircraft Threats

DARPA's REMA Program Revolutionizes Commercial Drone Autonomy for Military Use

Iraq condemns U.S. drone strike as 'clear aggression,' violation of sovereignty

TECH SPACE
Space Force initiates MUOS Service Life Extension with Lockheed Martin design contract

Government Connectivity Enters New Era: MetTel and Partners Highlight LEO Satellite Solutions

General Atomics to Showcase Optical Communication Terminals in Space with SDA Contract

L3Harris Technologies showcases Waveform X capabilities in live flight demonstration

TECH SPACE
Northrop Grumman to Revolutionize Space Missions with Next-Gen Cryocoolers

The US 'can and will' deliver more Ukraine aid: top advisor

Ukraine urges EU to speed up artillery shell supplies

Curtiss-Wright Unveils New Rugged SFF Mission Computer for Harsh Environments

TECH SPACE
Senate passes $95B emergency defense bill with Ukraine, Israel aid

Around 20 NATO countries set to hit spending target in 2024

EU eyes export ban on 3 Chinese firms

Europe's becoming Ukraine's arsenal as Scholz urges 'mass production' of arms

TECH SPACE
Meeting NATO, Blinken warns Ukraine gains in doubt if no US aid

China, US say talks in Bangkok 'candid, substantive'

India fetes France's Macron at annual military parade

Turkey ratifies Sweden's NATO bid; Hungary last obstacle to membership

TECH SPACE
Researchers unveil novel technique for creating atomically thin nanoscrolls

MIT.nano equipment to accelerate innovation in "tough tech" sectors

Subscribe Free To Our Daily Newsletters




The content herein, unless otherwise known to be public domain, are Copyright 1995-2026 - 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.