Cisco forecasts profit below estimates, stocks fall
The company’s shares fell more than 5% in extended trading, after closing 0.87% lower
Stocks impacted: Cisco (CSCO)
Cisco forecast fourth-quarter profit of 81 cents to 83 cents per share, compared with estimates of 85 cents per share. The company cautioned that supply chain issues will linger through the end of 2021. The firm expects demand for its video-conferencing platform Webex, virtual private network AnyConnect and cybersecurity products to slow down, as people are beginning to return to offices following the pandemic. The company’s revenue rose to $12.80 billion in the third quarter ended May 1, above the average estimate of $12.56 billion. Net income rose to $2.86 billion or 68 cents per share, from $2.77 billion or 65 cents per share, a year ago. Cisco shares fell more than 5% in extended trading, after closing 0.87% lower on Wednesday.
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