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Cisco Systems to lay off more than 5K workers

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Posted at 4:55 AM, Aug 17, 2016
and last updated 2016-08-17 16:32:43-04

Cisco Systems is planning to lay off between 5,500 workers, the Associated Press reports.

The more than 5 thousand workers represents 7 percent of the workforce for the San Jose-based company. 

The cuts are expected to be announced within the next few weeks, CRN reported. Cisco announced its fourth-quarter results after the stock market closes Wednesday. 

Cisco announced mass layoffs every summer from 2011 to 2014, according to MarketWatch.