Cisco Systems is laying off 5,500 employees as the internet gear maker scrambles to adapt to a technology upheaval that has triggered similar cutbacks to other storied tech companies. The shake-up announced Wednesday means about 7 percent of Cisco's roughly 74,000 workers will lose their jobs beginning this summer. Cisco itself has previously laid off 6,000 workers in 2014 after letting go 4,000 employees in 2013. Laid-off workers in the finance, administrative and marketing departments of tech companies tend to have more trouble. ———This story has been corrected to reflect Cisco Systems currently has roughly 74,000 workers instead of 78,000.

Source: ABC News August 17, 2016 20:24 UTC