Cisco is axing 5,500 jobs as it shifts focus away from hardware

Networking hardware giant Cisco Systems announced that it’s laying off 5,500 employees in the first quarter of 2017. The move will see the company lose about 7 percent of its global workforce.

Cisco isn’t in financial trouble: Its fourth quarter and fiscal year 2016 earnings report showed that it increased revenues by 2 percent year-on-year to $12.6 billion. However, it’s keen to prioritize its efforts in domains like security, IoT, collaboration, data centers and cloud services.

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