In the first quarter of 2024, 144 tech companies laid off nearly 35,000 employees.

On February 19, Cisco said it would cut 5% of its global workforce, more than 4,000 working post , and lower its annual revenue target because of tough economic conditions.

It is reported, Cisco will forecast to lower from $53.8 billion-$55 billion to $51.5 billion- $52.5 billion. After the news announced, the network equipment maker fell as much as 9 percentage.  "Demand from our telecom customer and cable TV service provider customer remains weak," Cisco CEO Charles Robbins said on a conference call.

Analysts expect that the demand for Cisco's products to remain under pressure as customers in the telecom industry limit spending and prioritize clearing excess inventory of networking equipment. Third Bridge analyst Joe Brunetto said, the network hardware inventory build-up should be resolved by the second half of 2024 or early 2025. Meanwhile, Cisco is focusing on artificial intelligence and cooperating with Nvidia to boost growth. CEO Robbins said that Nvidia agreed to use Cisco's Ethernet and its own technology widely used in data centers and artificial intelligence applications.

This is a scientific and technical corporation to be affected by the current wave of layoffs again. It is reported that January is the busiest month for industry layoffs since March of last year, with 144 tech companies laying off nearly 35,000 employees so far this year. Not long ago, Reuters have citinged three sources familiar with the matter, reported that Cisco was planning a restructuring of its business, one of which included cutting thousands of jobs to focus on high-growth areas. Base on Cisco's official website show that the company has a total of 84,900 employees, and its headquarters is located in California, till to fiscal year 2023. 

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