Cisco raises full-year outlook; announces restructuring

Cisco Systems Inc raised its full-year revenue and profit forecast amid easing supply chain hurdles and announced $600 million in severance and other charges related to a new restructuring, which could impact roughly 5% of its workforce.

Shares of the company rose nearly 5% in extended trading on Wednesday.

The company said the restructuring plan will begin in the second quarter of fiscal year 2023.