Cisco to Lay Off Thousands
Second Round of Layoffs This Year
SAN FRANCISCO, Aug 9 (Reuters) - Cisco CSCOO will cut thousands of jobs in a second round of layoffs this year, sources familiar with the matter told Reuters on Wednesday.
The sources said the layoffs will affect about 5% of Cisco's global workforce of 84,900, or more than 4,000 employees. The cuts are expected to be announced next week, along with Cisco's latest quarterly results.
Cisco declined to comment. The company has been under pressure to cut costs as it faces slowing demand for its networking equipment.
In February, Cisco said it would cut 5% of its workforce, or more than 4,000 jobs. The company also lowered its annual revenue forecast.
Conclusion
The latest round of layoffs is a sign that the tech industry is still struggling. Cisco is one of the largest companies in the world, and its decision to cut jobs is likely to have a ripple effect throughout the industry.
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