11:30 AM EDT, 08/09/2024 (MT Newswires) -- Cisco Systems ( CSCO ) will eliminate thousands of jobs in a second workforce cut this year as the company realigns its focus on high-growth sectors including cybersecurity and artificial intelligence, Reuters reported Friday, citing people familiar with the matter.

The layoffs could affect a similar or slightly higher number of people compared to 4,000 employees terminated in February, according to the report.

The job cuts will be announced as early as Wednesday, the sources were quoted as saying.

Cisco ( CSCO ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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