Cisco plans to lay off thousands of employees in a second round of cuts this year.

Networking equipment maker Cisco could let go of a similar or slightly higher amount of staff than the 4,000 layoffs it announced in February, Reuters reports.

The company employed 84,900 people as of July 2023, according to its annual filing, but that number does not take into account the last round of layoffs.

Shares in the company fell one percent on the news, and are down some nine percent this year.

In June, Cisco launched a $1 billion AI fund to make investments in companies including Cohere, Mistral AI, and Scale AI, and touted a number of AI-related investments and acquisitions it has made this year in an effort to boost confidence in its business.

News of cuts come a week after Intel announced that it would lay off 15,000 staff and Infineon said it would cut 1,400 jobs.

Earlier this week, Dell began laying off staff as it reorganized its sales team.