Cisco to Lay Off Thousands in Second Round of Cuts

Nearly 2 lakh people have lost their jobs in the tech sector globally

Cisco, the networking equipment company, announced Wednesday that it plans to lay off 5% of its global workforce, amounting to thousands of employees. The move comes as the tech sector continues to grapple with economic uncertainty and a slowdown in demand. This is the second round of layoffs for Cisco this year, as it laid off 4,000 employees in February.

Layoffs to impact thousands of employees

According to Reuters, the number of people affected in this round of layoffs could be similar to or slightly higher than the 4,000 employees Cisco laid off in February. The layoffs are expected to be announced next week and will likely impact employees across the company's global operations.

The tech sector has seen a wave of layoffs in recent months, as companies grapple with a slowdown in demand and economic uncertainty. Nearly 2 lakh people have lost their jobs in the tech sector globally, according to estimates.