The move will cost the company around $700 million in redundancy payments to the roughly 5,500 staff who will be out of jobs in the coming months. The layoffs will hit some of Cisco’s smaller and more mature business areas where long-term growth prospects are low, the company said. The job losses are lower than those first feared after a CRN report on Tuesday claimed around 14,000 staff would be laid off. It said revenue for the quarter fell 2 percent to $12.6 billion while net income rose 21 percent.”]