After days of speculation, Cisco today announced a restructuring plan that will see the networking vendor cut 5%, or about 4,200 jobs, from its 84,900 workforce as it plans to continue to focus on high-strength areas such as AI and security. “We are realigning our investments and expenses to reflect the current environment to help maximize long-term value for our shareholders,” said Cisco CFO Scott Herren during the company’s second-quarter earnings call on Wednesday. “As part of our announced restructuring plan, we expect to impact approximately 5% of our global workforce with estimated pre-tax charges of approximately $800 million.” It’s the second large layoff the company has initiated
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