Cisco layoffs will leave hundreds of Bay Area workers without jobs
Cisco Systems headquarters in San Jose, California, US, on Monday, Aug. 14, 2023. Cisco Systems Inc. is scheduled to release earnings figures on August 16. Photographer: David Paul Morris/Bloomberg via Getty Images
SAN JOSE, Calif. - Hundreds of Cisco Systems employees will be laid off as the company shifts focus to artificial intelligence and cybersecurity.
Newly released state documents show that the technology company will cut 563 jobs at its San Jose headquarters, 145 in its Milpitas office, and 134 in San Francisco.
In August, Cisco announced plans to lay off 7% of its global workforce, concentrating on faster-growing technology sectors such as AI and cybersecurity.
The networking equipment maker said in June that it would invest $1 billion in tech startups like Cohere, Mistral, and Scale to develop reliable AI products. It recently also announced a partnership with Nvidia to develop infrastructure for AI systems.