Cisco Systems Announces Layoffs

Second Round of Job Cuts Expected Soon

Company Plans to Eliminate Thousands More Positions

Cisco Systems, one of the largest makers of computer networking equipment, announced Wednesday that it will lay off 5% of its employees. This news comes as a second round of job cuts for the company this year. In June, Cisco announced it would eliminate 4,000 positions.

The company said the layoffs are part of a cost-cutting measure, as it looks to save money and adjust to the changing market. Cisco has been facing increased competition from rivals such as Huawei and Arista Networks.

The layoffs will impact employees across the globe, but the company did not provide a specific number of how many people will be affected. Cisco has approximately 79,000 employees worldwide.

Affected employees will be offered severance packages and outplacement services. Cisco said it will also provide support to workers who are unable to find new positions within the company.

The news of the layoffs has been met with disappointment and concern from employees. Some workers have expressed worry about the future of the company and their own job security.

Cisco's stock price fell 2.5% in after-hours trading Wednesday.