400+ CA Jobs Gone - Anyone Know the Real Reason?

Just saw the news about another 400+ people let go from Cisco, and it's all in California. This is the second or third time we've seen significant cuts in CA recently. What's really going on here? The financial reports seem to be showing growth, even record revenue in some quarters. It doesn't add up to me that they'd be shedding so many people, especially in a high-cost state like California, if things were truly booming. Are they consolidating teams, moving functions elsewhere, or is there some internal restructuring happening that isn't making headlines? I'm trying to understand the strategy behind these cuts. Feels like there's a disconnect between the public earnings and what's happening on the ground for many employees. Anyone with insight into the organizational changes or business decisions driving these specific cuts, especially the California concentration, please share. Trying to make sense of it all.