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.

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. 

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“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.”

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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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. 

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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. 

TUCSON, Ariz. — The investigation into the disappearance of 84-year-old Nancy Guthrie took a sharp new turn Tuesday as Pima County Sheriff Chris Nanos faced accusations that he scolded a county assessor for sharing information with the FBI, reigniting long-simmering questions about inter-agency cooperation more than 100 days after the high-profile abduction.

Pima County Assessor Suzanne Droubie told The Arizona Republic that Nanos contacted her in February after technicians in her office, which handles property records, forwarded data to the FBI at the bureau’s request. Droubie said the sheriff expressed frustration, suggesting her office had created extra work for his department by generating additional leads that investigators then had to pursue.

“It was inferred that we were creating a lot of additional work for the sheriff’s department,” Droubie said in the interview published Tuesday. She added that Nanos ultimately acknowledged she had done the right thing by cooperating with the FBI but left her feeling reprimanded for the outreach.

The claim comes as the case — involving the mother of NBC’s “Today” show co-anchor Savannah Guthrie — enters its fourth month with no arrest, no recovery of Nancy Guthrie and mounting public scrutiny over how local and federal authorities have worked together.

Nancy Guthrie was reported missing from her Catalina Foothills home north of Tucson on Feb. 1. Security footage showed a masked figure on her porch the night before, tampering with a doorbell camera. Blood was found on the porch, and investigators believe she was abducted. A Bitcoin ransom demand followed but yielded no results. The family offered a $1 million reward, and the FBI later increased its own to $100,000.

Tensions between the sheriff’s office and the FBI surfaced early. In February, reports emerged that Nanos initially resisted sending key evidence — including a glove and DNA samples from the home — to the FBI’s lab in Quantico, preferring a private Florida facility instead. FBI Director Kash Patel later publicly criticized the delay, claiming federal agents were kept out for four days. Nanos has repeatedly denied blocking the FBI and insisted collaboration began almost immediately.

On Tuesday, as Droubie’s account circulated, Nanos provided a routine 100-day update but did not directly address the assessor’s allegations. He described the investigation as active, with DNA analysis ongoing across multiple labs and tips still pouring in. “We are getting closer,” he said in earlier remarks, though reporters have questioned the optimism given the lack of public breakthroughs.

The assessor’s office became involved because property records can reveal ownership patterns, liens or connections potentially relevant to suspects. Droubie said her staff acted promptly when the FBI requested assistance, viewing it as standard inter-agency support in a major case.

Critics see the latest flap as symptomatic of deeper coordination problems. Former FBI agents and forensic experts have questioned the decision to route evidence through a private lab rather than leveraging federal resources from the start. Genealogy company Othram, known for high-profile cold cases, publicly called the move “devastating” for potentially slowing identification efforts.

Savannah Guthrie has maintained a low public profile on the investigation while continuing her work. On Mother’s Day, she posted a poignant plea: “We will never stop looking for you.” The family continues to offer the substantial reward for information leading to Nancy’s recovery.

As of mid-May, more than 100 days have passed since the abduction. No suspects have been named publicly, though authorities have detained and released individuals for questioning. Volunteer search groups, including the United Cajun Navy, have offered assistance but reported being largely sidelined by the sheriff’s office.

The case has drawn intense national attention, in part because of Savannah Guthrie’s prominence. It has also highlighted challenges in missing persons investigations involving elderly victims in suburban areas. Digital evidence, enhanced video analysis and DNA remain central, with the FBI assisting on technical fronts despite reported friction.

Sheriff’s officials maintain they are pursuing every lead methodically. In March, they highlighted possible activity around Jan. 11 — weeks before the reported disappearance — based on digital forensics. New neighborhood surveillance videos showing masked individuals have surfaced, though connections remain unclear.

Droubie’s account adds a new layer of alleged internal discord. County officials typically defer to law enforcement in active cases, making her decision to speak publicly notable. She framed the interaction as professional but tense, emphasizing that her office sought only to help solve the mystery.

Legal observers say such inter-agency spats, while not uncommon, can erode public confidence when a case stalls. High rewards and celebrity ties amplify pressure on investigators to produce results or at least demonstrate seamless teamwork.

The Pima County Sheriff’s Department has not issued a direct rebuttal to Droubie’s specific claims as of Wednesday. A spokesperson reiterated commitment to the investigation and partnerships with the FBI. “This remains an active case,” the department said in a statement. “We continue reviewing tips and analyzing evidence.”

For the Guthrie family, each passing week without resolution deepens the anguish. Nancy, described as vibrant and independent, was last seen in her home of many years. Blood evidence suggested possible violence, yet authorities still operate under the hope she may be found alive.

Public tips continue to flood in, with the FBI’s Phoenix office urging anyone with information to come forward anonymously. Neighborhood patrols have increased amid concerns over amateur sleuths disturbing potential evidence.

As the investigation stretches into summer, questions linger about resource allocation, lab choices and communication protocols. The latest controversy over the assessor’s FBI tip underscores how even well-intentioned actions can complicate an already complex probe.

Nancy Guthrie’s disappearance has become one of Arizona’s most watched cold cases in recent memory. Whether the sheriff’s response to the new claims calms or further fuels speculation may determine if public trust — and crucial tips — continue flowing. For now, the search persists, with federal and local agencies publicly aligned even as private tensions surface.

ASEAN leaders met in Cebu, Philippines, adopting a contingency plan addressing the Iran war’s impact, including emergency fuel sharing, a regional power grid, and evacuating citizens from the Middle East, while acknowledging implementation challenges amid ongoing economic hardships.

Key Points

• ASEAN leaders met in Cebu, Philippines, adopting a contingency plan to address the economic impact of the Iran war, including emergency fuel sharing agreements, a regional power grid, fuel stockpiles, and diversifying crude oil sources.
• Over one million Southeast Asian citizens working in the Middle East face safety risks, prompting leaders to coordinate evacuations and strengthen information sharing to protect nationals in conflict-affected areas.
• Philippine President Marcos warned that damage from the Iran war could last years, while Thailand’s foreign minister stressed the ceasefire must be extended and safe passage through the Strait of Hormuz must be guaranteed.

ASEAN’s Contingency Response to the Iran War Crisis

Southeast Asian leaders convened at the ASEAN summit in Cebu, Philippines, adopting a comprehensive contingency plan to address the economic and humanitarian fallout from the ongoing Iran war. Hosted by President Ferdinand Marcos Jr., who stripped the event of its traditional formalities, the summit focused on urgent regional priorities. The plan includes emergency fuel-sharing agreements, development of a regional power grid, diversification of crude oil sources, promotion of electric vehicles, and exploration of civilian nuclear energy — measures aimed at shielding member nations from severe energy supply disruptions.

Implementation Challenges and Long-Term Economic Damage

While the contingency steps are intended for immediate implementation, leaders acknowledged that establishing a regional fuel stockpile and power grid remains highly complex and time-consuming. Marcos openly questioned logistical details, such as whether a fuel reserve would be centralized or distributed across member states. Beyond energy concerns, he warned that economic recovery could take years, even if hostilities ceased immediately. “The damage to critical infrastructure, vital systems, and trust in general will continue to be felt for years to come,” Marcos cautioned, underscoring the deep and lasting vulnerabilities exposed by the conflict.

Humanitarian Concerns and Regional Security Outlook

A major dilemma facing ASEAN leaders involved safeguarding over one million citizens living and working in the Middle East, amid fears of escalating hostilities near the strategically vital Strait of Hormuz. A joint declaration called for strengthened coordination with international organizations to protect nationals in affected areas. Thailand’s Foreign Minister Sihasak Phuangketkeow was notably direct, stating the war “should not have occurred” and urging an extended ceasefire. Leaders also addressed other regional flashpoints, including South China Sea disputes, Myanmar’s civil war, and the Thailand-Cambodia border conflict, reflecting a broader climate of geopolitical uncertainty.

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Bharti Airtel’s board on Wednesday approved a ₹28,220 crore share-swap deal with Indian Continent Investment (ICIL) to raise its stake in UK-listed subsidiary Airtel Africa, while increasing ICIL’s holding in Bharti Airtel by about 2.3 percentage points in one of India’s largest related-party transactions.

ICIL is a Mauritius-based investment entity functioning as a family office investment vehicle for the Sunil Bharti Mittal family, a promoter group entity of Bharti Airtel. Analysts termed the move positive for Airtel, saying the Street had expected an all-cash transaction.

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That would have required the company to draw down its large cash reserves. Instead, the deal structure preserves cash while helping the Mittal family narrow the gap with another key promoter shareholder, Singtel Group.

The transaction will also allow the Mittal family to consolidate investments in Bharti Airtel, potentially easing future fundraising through equity sales, analysts said. “Instead of Bharti paying cash (of ₹28,200 crore) to buy ICIL’s Africa stake, it is paying through newly issued shares and would consolidate Africa holding to 79%. There is 2.4% dilution for existing shareholders in India,” Bank of America said in a research report on Wednesday.

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Under the agreement, Airtel will issue about 146.7 million new shares at ₹1,923 apiece to ICIL through a preferential allotment. The issue price represents a 9.5% premium to the previous closing price before the May 13 relevant date.
In return, ICIL will transfer about 595.2 million Airtel Africa shares, representing its entire 16.31% stake in the African subsidiary. The shares will be acquired at an 11.6% discount to the last closing price before May 13. The transaction will increase Bharti Airtel’s stake in Airtel Africa to 79.04% from 62.73%, while ICIL’s stake in Bharti Airtel will rise to 3.25% from 0.95%, according to analysts.
Another analyst said the higher holding in Airtel Africa would help Bharti Airtel benefit from the subsidiary’s growth trajectory by boosting earnings per share and strengthening ownership of its African operations. “The board recognised that the transaction is in line with the objective of consolidating/strengthening shareholding in a strategic subsidiary. Apart from being cashless and leverage-neutral, the transaction is accretive to EPS (earnings per share) of Airtel India with additional earnings outweighing the dilution,” Airtel said in a statement to exchanges.