India, May 14 -- Shares of Cisco Systems Inc. were climbing around 20 percent in the overnight trading and are up 17 percent in pre-market activity on Nasdaq after the tech major raised fiscal 2026 outlook following double-digit growth in top and bottom-line in its third quarter. Further, amid the AI-focused restructuring, the firm announced a reduction of fewer than 4,000 jobs in the fourth quarter, representing less than 5 percent of its total employee base.
In an email to Cisco employees, Chair and Chief Executive Officer Chuck Robbins said, "The companies that will win in the AI era will be those with focus, urgency, and the discipline to continuously shift investment toward the areas where demand and long-term value creation are stron...