Cisco announces layoffs; 6,000 jobs to be cut as network giant focuses on AI and cybersecurity
Cisco Systems announced plans to cut about 7% of its global workforce, which could result in about 6,000 employees, as part of a restructuring effort to focus on high-growth areas like AI and cybersecurity. This marks Cisco’s second job cut in 2024, following 4,000 layoffs in February.
The company plans to consolidate its networking, security, and collaboration departments into one organization, and expects to recognize pre-tax charges of up to $1 billion related to the restructuring. Cisco recently committed $1 billion to invest in AI startups and acquired cybersecurity firm Splunk for $28 billion, marking a pivot to the emerging technology.
GM is laying off 1,000 employees at its tech campus, including 600 engineers
General Motors has announced layoffs of more than 1,000 employees worldwide, including about 600 positions at its technology campus near Detroit, primarily affecting its software and services divisions. The company is making the necessary cuts to streamline operations, make strategic choices, and prioritize investments that have an impact on GM’s future.
Action camera maker GoPro is cutting 140 jobs
GoPro has announced plans to reduce its workforce by approximately 15%, affecting approximately 140 employees, as part of a restructuring effort aimed at reducing operating costs by $50 million. This marks the company’s second round of job cuts in 2024, following a 4% cut in March. The restructuring is expected to be completed by the end of 2024.
India’s PC market grew in Q2 24
India’s personal computer market grew by 7.1% year-on-year in Q2 2024, shipping 3.39 million units including desktops, notebooks, and workstations. Lenovo overtook Dell and Acer to become the second largest PC maker behind HP, with strong growth in the consumer and commercial segments. While the launch of AI PCs is expected to drive commercial refresh orders starting in Q3, analysts do not expect significant near-term consumer demand for these new AI-capable systems.
ReshaMandi let go of all its staff
ReshaMandi, a startup that raised more than $50 million in funding, appears to be facing a severe crisis as it has reportedly laid off its entire workforce and its website has been down for more than a week. The company’s auditor, Walker Chandiok & Co LLP, resigned last month, citing alarming issues including financial struggles, shrinking operations, and an inability to complete financial statements for FY23.
Despite these challenges, a ReshaMandi spokesperson said the company is focused on collecting overdue receivables and hopes to bounce back, although the situation looks bleak with liabilities and operational costs.
Zomato shuts down Legenda, its intercity food delivery service
Zomato, the food delivery giant, has discontinued its inter-city food delivery service “Legend” due to its lack of market fit after two years of operation. CEO Deepinder Goyal announced the immediate closure on social media platform X, marking the end of a service that has faced challenges since its launch in August 2022.
iQoo Z9s, iQoo Z9s Pro launched in India
iQoo has launched two new smartphones in India – Z9s and Z9s Pro – featuring a 6.7-inch 120Hz AMOLED screen and a powerful processor. The Z9s Pro, powered by the Snapdragon 7 Gen 3 SoC, has a peak brightness of 4500 nits and a 50MP main camera with OIS, while the Z9 uses the Dimensity 7300 chip. Both phones offer a 5500mAh battery, with the Z9s Pro supporting 80W fast charging, and prices start at Rs 19,999 for the Z9s and Rs 24,999 for the Z9s Pro, available from August 29 and 23 respectively.
Google kills Fitbit watch, Pixel Watch becomes the only smartwatch from Google and Fitbit
Google has confirmed that Fitbit will no longer produce smartwatches, instead focusing on the popular line of activity trackers like the Inspire series. The Pixel Watch, now in its third iteration, has become Google’s flagship smartwatch offering, combining Fitbit’s health tracking expertise with Google’s AI capabilities. While Fitbit-branded smartwatches will be phased out, the Fitbit app and Premium services will continue to exist, deeply integrated into Pixel Watches and offering new features such as custom AI-generated workouts for Premium users.
Mike Lynch, a British tech entrepreneur, is found dead in the wreckage of the superyacht Bayesian
The bodies of British tech entrepreneur Mike Lynch and his daughter Hannah have reportedly been found in the wreckage of their yacht, which capsized off the coast of Sicily during a storm. The recovery operation has been complicated, with divers facing difficult conditions as they search for the sunken vessel at a depth of about 50 meters.
Tencent-backed Black Myth: Wukong breaks all records
Black Myth: Wukong has been an incredible success, selling 10 million copies worldwide within three days of its global release on August 20, 2024. The game, considered the first “Triple A” title in China, is inspired by the classic Chinese novel “Journey to “. West” and has rivaled the sales figures of major international releases like “The Legend of Zelda: Tears of the Kingdom”.
