New Delhi, May 14 -- Shares of Cisco Systems surged 17.2% to a fresh all-time high of $119.36 on Thursday, 14 May, after the software and networking giant reported strong third-quarter results and raised its annual revenue forecast, driven by a sharp increase in hyperscaler orders. The company also announced plans to cut nearly 4,000 jobs as part of a restructuring exercise.

Thursday's rally marked the stock's fifth consecutive day of gains, taking its cumulative rise to nearly 30% and putting it on track for its biggest single-day jump in more than two decades. The surge has lifted the stock's May gains to around 30%, while its year-to-date return has climbed sharply to 52%.

The tech giant reported quarterly profit and revenue that exc...