Bay Area tech giant Cisco to lay off thousands after record revenue

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Bay Area tech giant Cisco to lay off thousands after record revenue (www.sfgate.com)

From the post:

>Cisco announced another wave of mass layoffs on Wednesday, even as the Bay Area tech giant brings in record revenue and billions of dollars in profit. According to a memo from CEO Chuck Robbins that was published on Wednesday, the company is slashing “fewer than 4,000 jobs,” which amounts to less than 5% of its workforce. Employees will be notified starting Thursday, Robbins said, and the company will assist laid-off employees in “finding new opportunities.” Though the company reported a record revenue of $15.8 billion in its latest third quarter report, Robbins said it is shifting more of its investments toward artificial intelligence.

Archive: https://archive.today/s8umL From the post: >>Cisco announced another wave of mass layoffs on Wednesday, even as the Bay Area tech giant brings in record revenue and billions of dollars in profit. According to a memo from CEO Chuck Robbins that was published on Wednesday, the company is slashing “fewer than 4,000 jobs,” which amounts to less than 5% of its workforce. Employees will be notified starting Thursday, Robbins said, and the company will assist laid-off employees in “finding new opportunities.” Though the company reported a record revenue of $15.8 billion in its latest third quarter report, Robbins said it is shifting more of its investments toward artificial intelligence.

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[–] • 1 pt

Most of them are being replaced by H1B's or "overshoring". Its criminal.

They are just blaming AI for it.

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