** Shares of Cisco CSCO.O rise 18.9% to $121.1 in premarket trading after it beat Q3 estimates, raised its annual revenue forecast and said it would cut ~4,000 jobs to focus on AI

** Co raised its full-year AI infrastructure order forecast to $9 bln from $5 bln, signaling strong demand from hyperscalers for its networking gear as they build out AI capabilities

** "This is a breakout print from CSCO and we expect as investors appreciate the durability of growth here the stock should work higher," Evercore ISI said

** Cisco said it will reduce overall workforce in Q4 by fewer than 4,000 jobs, representing less than 5% of total employee base

** Expects fiscal 2026 revenue in the range of $62.8 billion to $63 billion, compared with its prior forecast of $61.2 billion to $61.7 billion

** 18 of 26 brokerages rate the stock "buy" or higher, and 8 "hold"; their median PT is $91 - data compiled by LSEG

** As of last close, CSCO up over 32% ytd