Cisco Announces Major Restructuring and Shift Toward AI Amid Record Revenue
Cisco Systems (CSCO) reported record quarterly revenue, announced a restructuring plan involving the layoff of 4,000 employees to focus on artificial intelligence growth areas. The company's shares rose over 13% as it revealed $5.3 billion in year-to-date AI infrastructure orders and expects to reach $9 billion for fiscal year 2026.
Tickers: $CSCO
Topics: AI revenue growth stock price movement