Cisco to Lay Off 5,500 Employees

Tech giant Cisco Systems Inc. announced Wednesday that it saw a 2-percent drop in revenue during the latest quarter, and that it will lay off up to 5,500 employees—roughly 7 percent of its workforce. According to Reuters, the company’s net profit rose to $2.81 billion last quarter, but its revenue declined from $12.64 to $12.84 billion.