Cisco announced plans to cut 5% of its global workforce, which amounts to around 4,250 jobs being eliminated as part of a restructuring move by the company. Cisco reported strong fiscal second-quarter results but gave lighter-than-expected guidance for third-quarter and fiscal 2024. Revenue declined 6% year-over-year in the second quarter. Challenges cited by Cisco CEO Chuck Robbins included greater caution among customers due to economic uncertainty and customers taking longer than expected to deploy previously purchased products. Demand also remains sluggish from telecom and cable clients.