Cisco Sees Recovery in Equipment Demand, Cuts 7 Percent Jobs Globally

Cisco Systems said on Wednesday it was witnessing rebounding demand for its networking equipment and announced a 7% cut in its global headcount to focus on high-growth areas such as AI and cybersecurity. Shares of the company were up 5% in extended trading after it forecast upbeat current-quarter revenue. “Inventory digestion is complete and we’re now returning to a more normalized demand environment,” CEO Chuck Robbins said on an analyst call. Cisco has been working to reduce its reliance on its massive networking equipment business, which has struggled due to supply-chain disruptions and a slowdown in post-pandemic demand. In February, it said it would cut 5% of its global workforce or more than 4,000 jobs....