"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 Systems fell more than
4% premarket on Thursday after the networking equipment maker
reduced its annual revenue forecast and rolled out job cuts as
it battles sluggish demand from telcos and.
Cisco Systems fell more than 3 per cent on Thursday after the networking equipment maker reduced its annual revenue forecast and rolled out job cuts as it battles sluggish demand from telcos and cable service providers. CEO Charles Robbins blamed weak macro environment and said the company was "seeing a g