Cisco Systems is laying off 600 to 700 employees, or about 1 percent of its global workforce.

The company issued a statement that said the cuts were in keeping with warnings discussed during each of its last two quarterly reports that cuts might be necessary should macroeconomic conditions not improve.

In February, CEO John Chambers warned that layoffs as high as 1,000 to 2,000 employees might be merited, depending on how things played out during the year.

Cisco did not specify which operations were being cut, though it did say that many of the jobs were at its headquarters.

"Cisco is constantly evaluating its business priorities, resources and overall employee alignment as part of our business management process," the company said. It called the move a "limited restructuring" and said that more reductions would follow, reports The Wall Street Journal (story here).