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US Technology Company Cisco to Lay Off 5,500 Employees

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US multinational technology company Cisco Systems Inc. (Cisco) will cut about 7 percent of its global workforce, laying off about 5,500 people during the first three months of the next year, the corporation announced in a press statement.

WASHINGTON (Sputnik) — Cisco Systems, based in San Jose, California, is the largest networking company that designs, manufactures and exports hardware worldwide.

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"The restructuring will eliminate up to 5,500 positions, and we will take action under this plan beginning in the first quarter of fiscal 2017," Cisco stated on Wednesday.

The company explained that it has to reduce expenses in lower growth areas and increase funding for top producing regions, as previously shared its fourth quarter 2015 earnings report.

Cisco chair Chuck Robbins noted that the company expects to reinvest the cost savings back into the business and focus on future growth.

According to the company’s 2016 fiscal report, Cisco wrapped up the year with earnings of 63 cents a share on revenues of $12.64 billion.

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