India, Feb. 15 -- IT major Cisco on Wednesday announced its plan to lay off 5 percent of its global workforce.

The company reportedly took the move as a part of widespread structuring.

Cisco is now the latest technology firm to announce layoffs in recent months.

Cisco reported second quarter revenue of $12.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.6 billion or $0.65 per share, and non-GAAP net income of $3.5 billion or $0.87 per share.

According to sports, Cisco employs nearly 85,000 people.

The layoff may hit 4,000 employees.

Layoffs in 2024

Several tech firms have announced layoffs in 2024.

These firms include Amazon, Microsoft, and PayPal.

As per data compiled by Layoffs.fyi, 144 te...