As part of a plan to focus its business on "high-growth areas", Cisco Systems is preparing a major cost reduction programme that will involve the loss of thousands of jobs at the networking equipment giant, according to a report from Reuters that cites three unidentified sources. An announcement is expected this week as Cisco is due to report its fiscal second-quarter financial results late on 14 February. For the first fiscal quarter of the current financial year, which ended 28 October 2023, Cisco reported "strong" revenues of $14.7bn (up by 8% year on year) across its product portfolio, "driven by customers' investments in generative AI, cloud, security, and full stack observability." It did, though, note at the time that its sales would dip to around $12.7bn for the fiscal second quarter (which is about to be reported) as customers focused more on deployments.