While it may appear to be age based and in a round about way is, it is more a cost issue. What I mean is they are taking out more expensive employees (folks who have more experience and have been in the industry longer) and replacing them if they do replace them with college grads! Ie: we lay off the grade 10, 11 and 12 and replace them with grade 6, 7 and 8.
Get out while you can, There are so many Cisco resumes out there no one wants to hire from them anymore. If you stayed this long you are viewed as someone who is not motivated and comfortable.