Cisco's performance exceeds expectations, layoffs boost stock price by 15% Odaily Planet Daily News: According to MSX data, Cisco (CSCO. O) announced a new round of layoffs and increased investment in AI, and its stock price hit a new historical high. The company stated that it will lay off nearly 4000 employees, accounting for less than 5% of the total number of employees. According to regulatory documents, this restructuring is expected to result in up to $1 billion in pre tax expenses, of which approximately $450 million will be recognized in the current fiscal quarter, mainly related to severance pay and other restructuring related expenses. CEO Chuck Robbins stated in a letter to employees, "Although we are reducing positions in some areas, we are also making clear and strategic investments - particularly in chips, optics, security, and internal employee AI applications