Cisco announces job cuts despite rise in profits

Cisco announces job cuts despite rise in profits

The computer networking firm Cisco has confirmed it is cutting up to 5,500 jobs.

The firm says it is reducing its global workforce by about 7%, in its second major lay-off in two years.

Cisco has also announced a rise in quarterly profits, beating analysts' estimates.

It is not yet known what effect, if any, the job losses will have on Cisco's 300-strong Irish workforce.

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