Cisco's financial report exceeded expectations. In order to focus on AI, the company will lay off 6,000 employees, causing the stock price to surge by 6%!
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Cisco released its fourth-quarter financial report for the 2024 fiscal year, with revenue of $13.64 billion, exceeding expectations, and predicting future revenue growth. Despite a 10% decline in total annual income, adjusted EPS was $0.87, surpassing the expected $0.85. Cisco announced a 7% workforce reduction (about 6,000 people) and a focus on investing in the AI field. Following the financial report, the stock price rose by 6% to $48.05, with analysts setting a target price of $56.08
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