Cisco and Tech Layoffs Continue in 2024

Cisco Systems has announced its second major round of layoffs in 2024, affecting approximately 5,600 employees, which is 7% of its workforce. The layoffs are concentrated in the Bay Area, with 563 employees in San Jose, 145 in Milpitas, and 134 in San Francisco, and will take effect on November 15. These reductions follow a previous layoff round in February that impacted 4,000 workers. The company aims to reinvest in growth areas like artificial intelligence and cybersecurity, having committed $1 billion to AI startups and acquiring cybersecurity firm Splunk for $28 billion. The broader tech industry continues to experience significant job cuts, with over 136,000 employees laid off across 422 companies in 2024. Despite the turbulent job market, a survey by Dice indicates that 80% of U.S. tech professionals remain optimistic about the sector's future.