Cisco Systems Inc cut its full-year earnings forecast on Wednesday after COVID lockdowns in China and the war in Ukraine dragged sales below estimates in the third quarter, sending shares down 13 per cent in extended trading.
Executives said ceasing operations in Russia and Belarus due to the ongoing conflict hurt revenue growth. "We believe that our revenue performance in the upcoming quarters is less dependent on demand and more dependent on the supply availability in this increasingly complex environment," Chief Executive Officer Chuck Robbins said on a post-earnings call.
The company reported third-quarter adjusted profit of 87 cents on revenue of $12.8 billion, compared with expectations of 86 cents on revenue of $13.87 billion, according to IBES data from Refinitiv.
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