Cisco shares closed up 2.5% at $76.85 Friday, rebounding after a 12% plunge Thursday, its steepest drop since May 2022. The company blamed rising memory component costs for a slip in adjusted gross margin to 67.5%, below analyst estimates, and projected further margin pressure this quarter. CEO Chuck Robbins said Cisco is raising prices and renegotiating contracts. U.S. markets are closed Monday for Presidents Day.