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Headline: Fox Business, 5/13/2026
Bonny Chu reports:
Cisco Systems is planning to cut nearly 4,000 employees as part of a broader strategic shift toward artificial intelligence (AI), following a stronger-than-expected earnings report on Wednesday.
The layoffs, representing less than 5% of the company’s global workforce, sent shares up roughly 20% in after-hours trading.
The San Jose-based tech giant said the move reflects its strategy to position itself for the AI era by redirecting investment toward areas with the strongest demand and highest value.
"I’m confident Cisco will be one of those winners. This means making hard decisions," Cisco CEO Chuck Robbins said.
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