Cisco reported record revenue and surging AI demand while announcing job cuts affecting thousands as it repositions for an AI-driven future.

The networking company said Wednesday that it is launching a restructuring that will cost up to $1 billion in severance, one-time termination benefits and other costs.

Cisco announced job cuts affecting roughly 4,000 staff, as CEO Chuck Robbins shifts the company's focus to AI investments, buoyed by strong earnings.

Cisco Systems Inc. delivered a better-than-anticipated forecast while also announcing plans to cut thousands of jobs, a move it said would help the company focus on a fast-growing AI market.

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In conjunction with its third-quarter results and guidance, Cisco (CSCO) announced on Wednesday that it will be letting go fewer than 4,000 employees as it continues to focus on artificial intelligence.

Shares of the networking giant Cisco Systems Inc. soared 20% in extended trading today after it reported solid third-quarter earnings and revenue numbers and announced a new round of job cuts. The company said it’s going to cut less than 4,

Cisco Systems (CSCO) shares shot up 13% after reporting its third-quarter fiscal 2026 financial results and guidance post-market on Wednesday. For the quarter ended April 25, the company reported adjusted earnings per share of $1.