"Things have gone from bad to worse, with Cisco drastically cutting FY24 expectations a 4th time as management overestimated that demand would return in F2H24, when the reality is we are in a networking downcycle ex-AI investments," said James Fish, analyst at Piper Sandler.
Cisco revenue drops for fifth consecutive quarter, shares fall 4%
The dour performance overshadowed a better-than-expected forecast for current-quarter revenue and sent the company s shares 4% lower in extended trading. The stock had risen nearly 8% last week ahead of the results
Reuters | February 10, 2021 | Updated 10:44 IST
The company s total revenue fell slightly to $11.96 billion in the second quarter ended Jan. 23, from $12.01 billion a year earlier
Cisco Systems Inc on Tuesday reported a decline in revenue for a fifth straight quarter, as enterprise clients spent less on its network infrastructure products for offices due to the rise of remote working.
The dour performance overshadowed a better-than-expected forecast for current-quarter revenue and sent the company s shares 4% lower in extended trading. The stock had risen nearly 8% last week ahead of the results.