Tech Industry Faces Fresh Wave of Job Cuts

Networking giant Cisco has announced plans to lay off around 4,000 employees in the current quarter, which accounts for less than 5% of its total workforce. CEO Chuck Robbins stated that the job cuts are part of a strategic move to redirect investments toward long term growth areas.

Despite the layoffs, the company reported strong financial performance with $15.8 billion in revenue, registering 12% growth in the third quarter. Microsoft-owned LinkedIn is set to cut approximately 875 jobs, representing about 5% of its workforce.

The company said the restructuring is aimed at strengthening its position for future needs and organisational efficiency. Retail major Walmart is also eliminating or reassigning around 1,000 employees as it merges its Global Technology and Artificial Intelligence product teams.