Cisco Results Top Forecasts, But Growth Is Sluggish

John T. Chambers, Cisco Systems’ chief executive, did little Wednesday to lift the dark cloud hanging over his company by reporting sluggish growth in its fiscal second quarter and making a disappointing forecast.

His statement that spending by government agencies on technology equipment remained depressed because of the economy and that it probably would get worse in the near future helped send company shares down about 9 percent in after-hours trading to $20.07. In regular trading, Cisco shares closed up 5 cents, or 0.2 percent, at $22.04.

He spooked Wall Street three months ago with a cautious outlook with its first quarter earnings report. He noted “air pockets” coinciding with big declines in orders by government agencies and cable operators. He delivered much of the same message Wednesday.

Read Full Article from New York Times

- Posted: 2011-02-09 22:32:53

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