True that once upon a time Cisco was an indicator of global markets because they were tech leaders. 2008 recession was 15+ years ago. Cisco is no longer the leader they once were, they are now lagging their competitors in growth in several areas because they missed several key tech areas of growth, lacked the vision needed to invest in those when the time was right, refused to use tech vision to invest in R&D and shunned innovation. They are literally laying off people every quarter since October 2022.
Cisco layoffs are no longer the economic barometer that they used to be. It's just a company who is way past its prime, sagging under gravity and trying to stay alive. Cisco is now Nortel 2.0, a rudderless ship trying to stay afloat but gathering water, with a captain at helm who cannot read a compass to save his life.
Bumping this from @sjx+1r1LoO1Z, 100% on point.