Cisco Soars on Sales Forecast, AI-Focused Restructuring Plan

Cisco Systems Inc. gained as much as 19% in late trading 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 $16.7 billion to $16.9 billion in the fiscal fourth quarter, which runs through July, the company said in a statement Wednesday. Analysts estimated sales of $15.8 billion, according to data compiled by Bloomberg.