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Cisco Systems (CSCO) this afternoon said it will lay off6,500 workers, or 9% of its full-time workforce, in an effort to shave $1 billion in annual costs.

The company will take a one-time $1.3 billion charge for the cost of the cut.

The move had been widely expected, though the timing may be sooner than some had expected, as there had been rumors of an August announcement, after the close of Cisco's July quarter.