From CNBC:

Cisco announced on Wednesday that it will be cutting 5% of its employees, with around 85,000 employees as of last July. This news caused shares to drop by 4% in extended trading.

In addition to the job cuts, the company also reported its fiscal second-quarter results. Earnings per share were 87 cents, adjusted, vs. 84 cents expected, with revenue at $12.79 billion, compared to the expected $12.71 billion.

Cisco’s revenue declined 6% year over year during the quarter, which ended on Jan. 27, according to a statement released by the company. This is a developing story, so stay tuned for updates.



Read more: Cisco cutting 5% of global workforce in restructuring move