Cisco shares soared 7% on earnings beat and workforce reductions, with AI orders driving optimism.
Stock Earnings Results
August 19, 2024
Cisco shares surged 7% after the company reported better-than-expected quarterly earnings and announced plans to cut 7% of its workforce.
Revenue for the quarter reached $13.64 billion, surpassing estimates.
Despite a 10% year-over-year revenue decline, the results were well-received, especially with significant growth in AI-related orders.
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