Cisco cuts nearly 4,000 jobs to spend more on AI, reports ‘record quarterly revenue’

Technology giant Cisco is cutting fewer than 4,000 jobs, or around 5% of its workforce, despite reporting better-than-expected profit and revenue in its fiscal third quarter. The networking equipment maker said it reducing its headcount in order to change its “cost structure” and invest in AI and cybersecurity. Cisco’s decision follows a recent trend of tech companies increasingly citing a priority on AI spending as a reason to let employees go. …