Cisco Systems Inc.
CSCO,
is planning thousands of job cuts as it restructures its business to focus more on high-growth markets, according to a Reuters report Friday, which cited three people familiar with the matter. The networking giant has a worldwide workforce of 84,900 as of fiscal 2023. Cisco declined comment on the report. Shares of Cisco dropped 10% in mid-November, a day after it reported quarterly results that beat on the top and bottom lines but gave weaker-than-expected revenue guidance for the fiscal second quarter, and reduced its full-year revenue forecast.
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