Cisco shares slump as China lockdowns, Ukraine crisis hit outlook

: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.

Cisco, which sells networking equipment and software to connect devices to the internet, now expects revenue growth of 2 per cent to 3 per cent in fiscal 2022, compared with an earlier forecast of 5.5 per cent to 6.5 per cent. "That, combined with the inbound efforts, trying to get raw materials back into the country, et cetera, we believe it's going to be impossible for us to catch up on this issue in Q4."

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Cisco shares plunge after China lockdowns, Ukraine crisis hits outlookCisco 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. Cisco is the latest U.S. company to lay out a hit to earnings from Beijing's 'Ze
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Cisco cuts results forecast on China lockdowns, Ukraine crisis; shares plunge:Cisco Systems Inc cut its full-year forecast for both adjusted profit and revenue on Wednesday as COVID lockdowns in China and the war in Ukraine hurt its business in the third quarter.The network equipment maker's shares slumped 17 per cent in extended trading.Higher costs and component shortages hav
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »