Cisco Systems to cut 5,500 jobs
Cisco Systems is to lay off 5,500 workers as the internet gear maker scrambles to adapt to technology changes that have reduced demand for its main products.
The shake-up announced on Wednesday means about seven per cent of the firm's roughly 78,000 employees will lose their jobs beginning this summer.
The purge is the latest example of the upheaval that has rocked some of the world's oldest and biggest technology companies as the relentless march of innovation forces them to head in new directions in search of revenue growth.
In Cisco's case, its business has been hurt as more of its corporate customers rely on remote data centres for their computing needs instead of online networks maintained on their own premises.