Cisco Soars on Forecast Boost, AI-Focused Job Cuts

Cisco Systems Inc. jumped by the most in than 14 years after the company delivered a better-than-anticipated sales forecast and announced plans to cut thousands of jobs, an attempt to focus on the fast-growing AI market. Revenue will be $16.7B to $16.9B in the fiscal fourth quarter, which runs through July, the company said in a statement Wednesday. Analysts estimated sales of $15.8B, according to data compiled by Bloomberg. The news signaled that Cisco, a four-decade-old stalwart of Silicon Valley, is successfully pivoting to the AI economy.