Cisco’s performance exceeded expectations, with layoffs boosting the stock price by 15%

Odaily Planet Daily News: According to msx data, Cisco (CSCO.O) hit a new all-time high after announcing a new round of layoffs and increasing AI investments.

The company stated that it will lay off nearly 4,000 employees, accounting for less than 5% of its total workforce. According to regulatory filings, this restructuring is expected to incur up to $1 billion in pre-tax charges, with approximately $450 million to be recognized in the current fiscal quarter, primarily related to severance and other restructuring costs.

CEO Chuck Robbins said in a letter to employees: "While we are reducing roles in some areas, we are also making clear and strategic investments—particularly in chips, optics, security, and internal AI applications for our employees."