According to Svmuu, data from msx shows that Cisco (CSCO.O) hit a new all-time high after announcing a new round of layoffs and increasing investments in AI.
The company stated it will cut nearly 4,000 employees, representing less than 5% of its total workforce. According to regulatory filings, the 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 certain areas, we are also making clear and strategic investments—particularly in chips, optics, security, and the application of AI among our internal workforce."