Overview

• Cisco will lay off approximately 5,900 employees, its second major round of cuts this year.
• The company aims to invest $1 billion in AI and cybersecurity, including the recent $28 billion acquisition of Splunk.
• Fourth-quarter revenue dropped 10% to $13.64 billion, yet exceeded Wall Street estimates.
• Cisco shares rose by over 7% following the layoff announcement and earnings report.
• The restructuring plan will result in up to $1 billion in pre-tax charges.