{"id":194778,"date":"2024-08-19T07:22:39","date_gmt":"2024-08-19T12:22:39","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2024\/08\/tech-company-lays-off-5500-workers-to-invest-more-in-ai-despite-making-10-3-billion-in-profit"},"modified":"2024-08-19T07:22:39","modified_gmt":"2024-08-19T12:22:39","slug":"tech-company-lays-off-5500-workers-to-invest-more-in-ai-despite-making-10-3-billion-in-profit","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2024\/08\/tech-company-lays-off-5500-workers-to-invest-more-in-ai-despite-making-10-3-billion-in-profit","title":{"rendered":"Tech Company Lays Off 5,500 Workers to Invest More in AI, Despite Making $10.3 Billion in Profit"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/tech-company-lays-off-5500-workers-to-invest-more-in-ai-despite-making-10-3-billion-in-profit2.jpg\"><\/a><\/p>\n<p>In short, companies are no longer hiding their optimism over replacing human labor with AI, an unfortunate reality for those looking to maintain a stable job.<\/p>\n<hr>\n<p>Despite tech conglomerate Cisco posting $10.3 billion in profits last year, it\u2019s still laying off 5,500 workers as part of an effort to invest more in AI, <a href=\"https:\/\/www.sfgate.com\/tech\/article\/cisco-layoffs-second-this-year-19657267.php\" class=\"\"><em>SFGATE<\/em> reports<\/a>.<\/p>\n<p>It joins a litany of other companies like <a href=\"https:\/\/futurism.com\/the-byte\/microsoft-layoffs-blaming-ai-wave\" class=\"\">Microsoft<\/a> and <a href=\"https:\/\/futurism.com\/the-byte\/intuit-turbotax-lay-offs-workers-ai\" class=\"\">Intuit<\/a>, the maker of TurboTax, that have used AI as justification for the mass culling of its workforce.<\/p>\n<p>The layoffs at Cisco came to light in a <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0000858877\/000119312524200636\/d878533d8k.htm\" class=\"\">notice posted with the Securities and Exchange Commission<\/a> this week, affecting seven percent of its staff.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In short, companies are no longer hiding their optimism over replacing human labor with AI, an unfortunate reality for those looking to maintain a stable job. Despite tech conglomerate Cisco posting $10.3 billion in profits last year, it\u2019s still laying off 5,500 workers as part of an effort to invest more in AI, SFGATE reports. [\u2026]<\/p>\n","protected":false},"author":543,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-194778","post","type-post","status-publish","format-standard","hentry","category-robotics-ai"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/194778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/543"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=194778"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/194778\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=194778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=194778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=194778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}