UPDATE 1-Cisco announces restructuring plan, raises annual revenue forecast

Cisco Systems, Inc.

Cisco Systems, Inc.

CSCO

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Rewrites first paragraph, adds shares

May 13 (Reuters) - Cisco CSCO.O said it was restructuring its business to focus on growth areas, including AI, and expects to record a related $1 billion charge due to severance and other costs, sending its shares up 14% in extended trading.

The company, which also raised its annual revenue forecast, did not specify how many jobs it would be cutting.

It sees pre-tax charges of up to $1 billion relating to the layoffs, with about $450 million to be recognized in the fourth quarter and the rest in fiscal 2027.

Cisco said it now expects fiscal 2026 revenue in the range of $62.8 billion to $63 billion, compared with its earlier forecast of $61.2 billion to $61.7 billion.




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