"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 said it saw "a slowdown of new product orders in the first quarter . and believes the primary reason is that customers are currently focused on installing and implementing products in their environments".