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Cisco layoffs loom as company pivots deeper into AI after strong quarter

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Cisco layoffs loom as company pivots deeper into AI after strong quarter

Cisco Systems is planning to cut nearly 4,000 employees as part of a broader strategic shift toward artificial intelligence (AI), following a stronger-than-expected earnings report on Wednesday.

The layoffs, representing less than 5% of the company’s global workforce, sent shares up roughly 20% in after-hours trading.

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The San Jose-based tech giant said the move reflects its strategy to position itself for the AI era by redirecting investment toward areas with the strongest demand and highest value.

“I’m confident Cisco will be one of those winners. This means making hard decisions,” Cisco CEO Chuck Robbins said. 

META’S BAY AREA LAYOFFS AFFECT ROUGHLY 200 WORKERS AS COMPANY POURS BILLIONS INTO AI INFRASTRUCTURE

Cisco Systems Headquarters Ahead Of Earning Figures

Cisco’s slated layoffs represent roughly 5% of the company’s global workforce. (David Paul Morris/Bloomberg via Getty Images, File / Getty Images)

“With this, we are making changes today that will result in the reduction of our overall workforce in Q4 by fewer than 4,000 jobs, representing less than 5% of our total employee base.”

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Hours earlier, the company reported Q3 FY2026 earnings that significantly exceeded Wall Street expectations. 

Revenue hit a record $15.8 billion, compared with $15.56 billion expected, while adjusted earnings per share came in at $1.06 versus $1.04 expected.

Ticker Security Last Change Change %
CSCO CISCO SYSTEMS INC. 101.87 +2.58 +2.60%

Year-over-year revenue growth reached 12%, rising from $14.15 billion in the same quarter last year, which ended around April 26.

Cisco also said it has secured $5.3 billion in AI infrastructure orders from hyperscalers year to date. If momentum continues, the company expects to generate about $9 billion in FY2026 AI orders, up from a prior estimate of $5 billion. FY2026 revenue from this segment is also projected to reach $4 billion, revised upward from a $3 billion projection.

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PRIVATE SECTOR ADDED 63,000 JOBS IN FEBRUARY, ABOVE EXPECTATIONS, ADP SAYS

Chuck Robbins speaks during a conference

Chuck Robbins, chief executive officer of Cisco Technologies Inc., speaks at the Semafor World Economy Summit during the International Monetary Fund (IMF) and World Bank Spring meetings, April 15, in Washington, D.C. (Aaron Schwartz/Bloomberg)

Despite reporting record-breaking revenue, the company said it plans to issue workforce notifications starting May 14 across its global operations as it continues shifting focus toward high-growth areas such as AI, security and networking.

The company said it will support affected employees with severance packages, extended training resources, and job placement assistance through its internal and external placement services program, which reportedly helped roughly 75% of participants secure new roles. 

Cisco AI

Cisco will lay off nearly 4,000 employees amid company’s AI push.  (Photo Illustration Omar Marques/SOPA Images/LightRocket via Getty Images / Getty Images)

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Cisco estimates that its restructuring plan, including severance and related costs, will result in pre-tax charges of up to $1 billion. 

The company expects to recognize approximately $450 million of those charges in the following quarter, with the remainder to be recorded in fiscal 2027. 

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Kalshi to make some users reveal job details to tackle insider trading

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Kalshi to make some users reveal job details to tackle insider trading

After issues with insider trading, the prediction betting platform is adding new rules.

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How to enjoy the World Cup – and keep your boss on side

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How to enjoy the World Cup - and keep your boss on side

Football fans and bosses share their strategies to balance late night kick offs with work the next day.

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Beauty Pie LED mask ad banned over misleading anti-wrinkle claim

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Beauty Pie LED mask ad banned over misleading anti-wrinkle claim

The mask is not “clinically proven to reduce wrinkles in four weeks”, the advertising watchdog finds.

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2026 ASEAN Future Forum Kicks Off in Hanoi

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2026 ASEAN Future Forum Kicks Off in Hanoi

The ASEAN Future Forum 2026 opened in Hanoi on June 9, themed “Shaping Our Future Together.” Launched by Vietnam in 2023, the forum unites ASEAN leaders, businesses, and academics to address regional challenges including AI, energy security, and strategic autonomy, advancing ASEAN Community Vision 2045.

Key Points

• The ASEAN Future Forum (AFF) 2026 opened in Hanoi on June 9 under the theme “Shaping Our Future Together: Peace, Prosperity and People-Centered,” attended by Vietnam’s Prime Minister Le Minh Hung and leaders from Laos, Cambodia, Thailand, and Timor-Leste, along with the ASEAN Secretary-General.

• Launched by Vietnam at the 2023 ASEAN Summit, the AFF has grown into a key strategic dialogue platform, with ideas from previous editions reflected in official ASEAN Summit documents, reinforcing Vietnam’s proactive role in advancing regional cooperation.

• AFF 2026 features broader participation than previous editions, including political parties, local authorities, and business and academic communities, with discussions covering AI, energy security, conflict prevention, and implementation of the ASEAN Community Vision 2045.

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The ASEAN Future Forum 2026: Launch and Leadership

The ASEAN Future Forum (AFF) 2026 officially opened in Hanoi on June 9, under the theme “Shaping Our Future Together: Peace, Prosperity and People-Centered.” The event was attended by senior regional leaders, including the Prime Ministers of Vietnam, Laos, Cambodia, Thailand, and Timor-Leste, alongside Vietnam’s Foreign Minister and the ASEAN Secretary-General. First introduced by Vietnam at the 43rd ASEAN Summit in 2023, the AFF was designed as a multi-stakeholder platform to complement existing ASEAN mechanisms and support long-term policy thinking for the ASEAN Community.


Vietnam’s Vision: Dialogue, Inclusion, and Regional Resilience

In his opening remarks, Foreign Minister Le Hoai Trung emphasized Vietnam’s commitment to creating an open, forward-looking space for dialogue among ASEAN members and international partners. The forum brings together policymakers, academics, businesses, and citizens to contribute ideas toward a stronger, more resilient ASEAN. Previous editions in 2024 and 2025 generated innovative yet practical proposals, many of which have been reflected in official ASEAN Summit documents. Vietnam hopes the forum will strengthen diplomacy and mutual understanding amid growing geopolitical tensions and strategic competition across the region.


AFF 2026: Expanding Scope and Shaping the Future Agenda

AFF 2026 features a broader and more inclusive format than previous editions, with discussions covering critical issues such as unity, strategic autonomy, conflict prevention, energy security, artificial intelligence, and financial technology. For the first time, the forum will host meetings involving political parties, local authorities, and business and academic representatives from across Southeast Asia. These expanded dialogues are expected to generate fresh perspectives and actionable solutions to support the ASEAN Community Vision 2045, helping the bloc adapt effectively to both emerging regional challenges and shifting global dynamics.

Source : ASEAN Future Forum 2026 opens in Hanoi

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Platner projected to win Maine Democratic nod in key US Senate race amid scrutiny of past

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Platner projected to win Maine Democratic nod in key US Senate race amid scrutiny of past


Platner projected to win Maine Democratic nod in key US Senate race amid scrutiny of past

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Regional retail companies chase IPO gold to fund dreams

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Regional retail companies chase IPO gold to fund dreams
Small-town India is emerging as the next big driver of retail growth, prompting a wave of regional companies to line up initial public offerings (IPOs) to fund expansion. A clutch of retailers focused on Tier II and Tier III markets including Sangeetha Mobiles, Poorvi Mobiles, Sathya Agencies, SS Retail, More Retail and RSB Retail India are together planning to raise over 7,000 crore through primary market.

Among these, Sathya Agencies, SS Retail, Marri Retail and RSB Retail have already filed their draft red herring prospectuses (DRHPs), while others like Ratnadeep Retail, More Retail (planning 2,000 crore IPO) , Chennai-based Poorvika Mobiles, Bangaluru-headquartered Sangeetha Gadgets, Pai International Electronics and Big C Mobiles are preparing to tap the primary market. These companies are planning an IPO of above 500 crore each.

Emails sent to these companies did not elicit any response.

At the heart of this momentum is a structural shift in consumption beyond metros. “Emerging Bharat is no longer a niche theme; it is becoming one of the most durable growth engines for Indian retail,” said Bhavesh Shah, head of investment banking at Equirus Capital.

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Rising disposable incomes, formalisation of the economy, better digital connectivity, UPI-led payments adoption, aspirational spending shaped by social media, and improved access to branded products are all accelerating consumption in Tier II and Tier III cities.

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FPIs lap up bonds worth 10,000 cr in four sessions

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FPIs lap up bonds worth 10,000 cr in four sessions
Foreign investors have purchased nearly 10,000 crore of Indian bonds over the past four trading sessions following the government’s decision to fully exempt taxes on gains from eligible debt investments and the central bank decision to expand the investable universe, data published by CCIL showed. Bond yields have cooled in tandem.

This marks a significant reversal from the stance taken by foreign investors that had been pulling out from India’s debt and equity markets in the recent months. Since the start of the US-Israel war on Iran, FPIs have net sold over 10,119 crore of debt.

FPIs Lap Up Bonds worth ₹10,000 cr in Four SessionsET Bureau

FPIs lap up bonds worth 10,000 cr in four sessions
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Foreign investors have injected nearly ₹10,000 crore into Indian bonds in four sessions, reversing recent outflows. This surge follows tax exemptions on eligible debt gains and expanded investment options. Bond yields have subsequently declined, signaling a positive shift in investor sentiment towards India’s debt market.


On an average, the daily selling ranged around 1,000 crores, with only sporadic bouts of buying. Measures announced by the government and Reserve Bank of India (RBI) have helped reverse the sentiments encouraging foreign investors to bet on India’s debt market.

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Pinterest: Accelerating Monetization And Low EBITDA Multiples

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Wall Street Breakfast Podcast: Pinterest Pins Premarket Pop

Pinterest: Accelerating Monetization And Low EBITDA Multiples

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Asian stocks decline, oil prices gain as US hits Iran

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Asian stocks decline, oil prices gain as US hits Iran
Asian stocks dropped as a selloff in technology shares resumed and tensions in the Middle East escalated after US forces struck Iran. Crude oil advanced.

The MSCI Asia Pacific Index fell 0.5% as selling in technology stocks resumed after a rebound on Tuesday. The Kospi Index in South Korea, a bellwether for artificial intelligence investments, dropped 1.7%. The Nikkei in Japan also declined.

Contracts for the S&P 500 and the Nasdaq 100 indexes were little changed after the Wall Street benchmarks had a volatile session on Tuesday, with chip stocks coming under pressure. The Nasdaq 100 fell 1.1% as investors continued rotating out of tech shares that have driven much of this year’s rally.

Weighing on the sentiment, Brent crude rose 0.8% to $92.15 a barrel after US forces hit Iran following the downing of an American helicopter. The dollar, the haven of choice since the Middle East conflict started, strengthened against all its Group-of-10 peers as the attacks threatened the fragile ceasefire as well as efforts to secure a deal to reopen the Strait of Hormuz.

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Increasing volatility is testing a market that has surged to record highs on optimism about easing geopolitical tensions and the artificial intelligence buildout. With strong US jobs data damping expectations for Federal Reserve rate cuts, investors now face a key test on Wednesday with the release of US inflation data, which may offer fresh clues on whether policymakers will keep rates higher for longer.


“Exuberance has been building for months, pushing stocks to one record after the next,” said John Cunnison, chief investment officer at Baker Boyer Bank. “So anything perceived to be negative for equities — from higher inflation to even the potential for rate hikes — will knock the market off its footing after a historic run.”
The retreat in technology shares on Wall Street coincided with a broadening rally across the rest of the market, as nine of the S&P 500’s 11 sectors advanced Tuesday. Defensive corners led the gains, with real estate climbing 2.1%, health care rising 1.3% and utilities adding 1.1%. Tech and energy were the lone decliners.The rotation offered a contrast to a rally that has been increasingly concentrated in a handful of technology giants.

“As much as we love to see tech’s leadership, it would be constructive to see this rally broaden out to other sectors,” said Bret Kenwell at eToro. “When leadership is concentrated in one corner of tech, the market’s foundation gets a little wobblier.”

In other corners of the market, the yen hovered near its weakest level since April, keeping traders on alert for possible intervention by Japanese authorities to support the currency. Gold dropped 1% to about $4,220 an ounce.

Attention now turns to Wednesday’s US inflation report. While oil has retreated from multiyear highs reached in April, strong US jobs data last week has increased bets that the Fed will need to raise interest rates.

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Economists surveyed by Bloomberg expect annual CPI inflation to accelerate to 4.2% in May from 3.8% a month earlier. Core inflation, which excludes food and energy, is projected to edge up to 2.9% from 2.8%.

“The combination of stronger payrolls and uncomfortably elevated inflation has left markets penciling in higher odds of the Fed having to tighten policy,” said Gennadiy Goldberg, head of US rates strategy at TD Securities. “This has continued to leave yields elevated, though risk-off moves in equities appear to be helping to backstop yields.”

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US Air Force confident in fix for Boeing KC-46 refueling tanker

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US Air Force confident in fix for Boeing KC-46 refueling tanker


US Air Force confident in fix for Boeing KC-46 refueling tanker

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