Cisco performance exceeded expectations, layoffs boost stock price up 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 it will cut nearly 4,000 employees, less than 5% of its total workforce. According to regulatory filings, the restructuring is expected to incur up to $1 billion in pretax charges, of which approximately $450 million will 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 — especially in chips, optics, security, and internal AI applications for our employees."