Cisco (CSCO) Stock Surges 17% After Strong AI Orders, Job Cuts Announced
Published on Β· Source: cnbc.com
AI Summary
Summarized by AI from the source belowCisco (CSCO) shares rose 17% in after-hours trading following financial results that topped expectations. For the fiscal fourth quarter, Cisco projected adjusted earnings per share between $1.16 and $1.18, with anticipated revenue of $16.7 billion to $16.9 billion. The company reported $15.84 billion in revenue, up 12% year-over-year, and earnings per share of $1.06, exceeding forecasts. Important to note, Cisco also announced plans to cut almost 4,000 jobs, which accounts for less than 5% of its workforce, resulting in pre-tax charges of $1 billion.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About Cisco Systems Inc. (CSCO)
Cisco Systems is the dominant maker of networking hardware - routers and switches - alongside a growing software and cybersecurity business.
The Information Technology sector covers hardware, software and semiconductor companies driving the digital economy.
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