(Reuters) -Cisco Systems has revised its full-year revenue and profit forecasts, indicating a slowdown in demand for its networking equipment. This news caused the company’s shares to drop more than 10% after the market closed.
In recent years, Cisco has faced challenges with its supply chain and experienced a decrease in demand following the pandemic. As a result, the company has been focusing on expanding its software offerings, particularly in cybersecurity.
Cisco stated that it observed a slowdown in new product orders during the first quarter of fiscal 2024. The company believes this is primarily due to customers’ current focus on installing and implementing products in their environments.
For the full year, Cisco now expects revenue to be between $53.8 billion and $55.0 billion, with adjusted per-share earnings ranging from $3.87 to $3.93.
Previously, Cisco had forecasted annual revenue of $57.0 billion to $58.2 billion, and adjusted per-share earnings of $4.01 to $4.08.
In order to accelerate its diversification and take advantage of the growing artificial intelligence market, Cisco announced plans in September…
2023-11-15 16:11:56
Source from finance.yahoo.com
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