Cisco is laying off over 4,000 employees, or about five percent of its overall workforce.

The job cuts are the result of a restructuring plan that will see the company pivot its focus to high-growth areas of the business.

Reuters first reported that the company was planning to axe a substantial number of employees on February 10, with sources telling the news agency the total is expected to reach the thousands. That was confirmed by Cisco on Wednesday, shortly after it posted its Q2 2024 financial results which showed net revenue had dropped by five percent year over year to $2.6 billion.

Speaking to analysts after the results had been published, Cisco CFO Scott Herren said the company would be “realigning [its] investments and expenses to reflect the current environment to help maximize long-term value for our shareholders.”

He added: “As part of our announced restructuring plan, we expect to impact approximately five percent of our global workforce with estimated pre-tax charges of approximately $800 million.”

This month’s layoffs are not the only to have been enacted by the company in recent memory.

In November 2022, the networking company filed an 8-K report outlining its intention to lay off around five percent of its workforce, a move that Cisco said would have an associated cost of $600 million. A second round of layoffs took place in July 2023 however Cisco said those job cuts were part of the downsizing plans announced by the company in November of the previous year.

According to the online tech layoff tracker Layoffs.fyi, yesterday’s announcement from Cisco represents the second-biggest round of job cuts in the technology industry so far in 2024, surpassed only by SAP which announced it would be cutting 8,000 jobs in January.

Layoffs.fyi has calculated that over 34,500 workers from the tech industry have been laid off in the first seven weeks of 2024.