Cisco's stock pops 17% on surging AI orders, as company says it's cutting almost 4,000 jobs

Cisco's stock surged 11% after the company beat earnings expectations with adjusted EPS of $1.06 versus $1.04 expected and revenue of $15.84 billion versus $15.56 billion expected, while raising full-year guidance. The company's AI infrastructure business showed strong momentum with $5.3 billion in orders received year-to-date and raised fiscal year AI orders guidance to $9 billion from $5 billion, alongside doubling its AI revenue projection to $4 billion. Cisco's stock has gained 33% this year as Wall Street increasingly embraces its AI narrative, with the company also launching new networking products featuring next-generation processors.