Layoffs Cisco

Cisco to Cut Thousands of Jobs in Second Round of Layoffs

Company to Eliminate 5% of Workforce

Layoffs Come on Top of Earlier Cuts

SAN FRANCISCO, Aug 9 (Reuters) - Cisco Systems Inc (CSCO.O) plans to cut thousands of jobs in a second round of layoffs this year, the company said on Wednesday.

The job cuts, which will affect about 5% of Cisco's global workforce, come on top of another round of cuts the company made earlier this year.

Cisco, which makes networking equipment, is the latest tech company to announce job cuts in recent months. Other tech companies that have announced layoffs this year include Amazon.com Inc (AMZN.O), Microsoft Corp (MSFT.O), and Salesforce Inc (CRM.N).

The job cuts at Cisco are part of a broader restructuring effort that the company announced in February. The restructuring is intended to help Cisco become more agile and competitive in a rapidly changing technology landscape.

Cisco's job cuts are a sign of the challenges facing the tech industry. The industry is facing a number of challenges, including slowing economic growth, rising interest rates, and geopolitical uncertainty.