SAN JOSE, Calif. — Internet networking pioneer Cisco Systems announced on Wednesday it is laying off more than 4,000 employees, the latest tech company to downsize.

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The layoffs announced amount to approximately 5% of the San Jose, California, company’s worldwide workforce, The San Francisco Chronicle reported.

The company employs 84,900 people worldwide, according to The Associated Press.

Cisco reported lower revenue of $12.8 billion, down 6% from 2023, for the fiscal second quarter on Wednesday, the Chronicle reported. The company also revised its annual revenue forecast to $51.5 billion to $52.5 billion; Cisco originally projected forecasts ranging from $53.8 billion to $55 billion, according to the newspaper.

During a conference call with analysts, Cisco CEO Chuck Robbins said that net income fell to $2.63 billion, or 65 cents per share, from $2.77 billion, or 67 cents per share, at the same time last year, NBC News reported.

“We continue to align our investments to future growth opportunities,” Robbins said in a statement, according to the Chronicle. “Our innovation sits at the center of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations.”

Several companies have announced layoffs over the past few months, including Google, Amazon, eBay, UPS, Spotify and Facebook’s parent company, Meta, the AP reported

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