Cisco Planning Thousands of Job Cuts in Second Round of Layoffs

Cisco Systems Inc (CSCO.O) is preparing to lay off thousands of employees in a second round of cutbacks this year, according to Reuters. The news agency cited unnamed sources stating that the networking equipment maker plans to reduce its workforce by several thousand employees.

This latest round of layoffs follows a previous round in February, when Cisco announced it would eliminate over 4,000 jobs, or about 5% of its global workforce. The company said at the time that the job cuts were part of a restructuring plan to reduce costs and improve efficiency.

Cisco has not yet officially announced the job cuts, but Reuters reported that the announcement is expected soon. The company is scheduled to report its quarterly earnings on February 15th.