The company is reducing its workforce as it exits 22 countries, reduces management layers, and invests in its infrastructure to scale its platform.
“CEOs are uniquely prone to AI psychosis,” Box CEO Aaron Levie opines. Maybe that explains the almost religious belief in AI productivity gains.
In a memo to employees, CEO Sasan Goodarzi said the layoffs are meant to reduce complexity, simplify the company’s corporate structure, and deliver better AI products.
This is Cisco’s latest layoff in recent years, while the company’s chief executive touts record revenue and growth.
Some of the positions focus on AI-native development, data engineering and analytics, cloud-based engineering, and agent and model development as well as prompt engineering and new AI workflows.
Some found out they didn’t qualify for WARN Act protections like two-months notice because the company had classified them as remote workers.
CloudFlare announced its first large-scale layoff. CEO Matthew Prince says because of AI efficiency gains, the company doesn’t need as many support roles.
Truecaller’s ad revenue declined by 44%, leading to the layoffs.
The restructuring is aimed at addressing market volatility and increasing the use of AI tools to improve efficiency.
Former Tesla executive Chris Lister is retiring, and at least three other VPs have left Redwood around the recent restructuring, TechCrunch has learned.