As part of a restructuring plan, Cisco is laying off 5,500 employees, which represents approximately 7 percent of its global workforce. The announcement comes at the tail end of a successful quarter that saw the networking company post a profit of $2.81 billion, or 56 cents a share, up from $2.32 billion, or 45 cents a share in the same period

Source: Hot Hardware – Cisco Cuts 5,500 Jobs As It Pivots To Bolster Software And Services