Cisco announces job cuts despite rise in profits

It is the company's second major lay-off in two years.

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.