Cisco Systems Shares Plunge On Weak Outlook |
| International Business Times - May 10, 2012 |
Shares of Cisco Systems Inc. (Nasdaq: CSCO), the No. 1 supplier of Internet equipment, plunged 9 percent after the company projected weaker-than-expected results for the current quarter.
By late morning, shares plummeted $1.66 to $17.12, wiping out all Cisco gains in 2012. Shares traded as low as $17.02 in early Nasdaq activity.
Despite reporting better-than-expected third-quarter earnings,, Cisco executives headed by CEO John T. Chambers told investors Wednesday night they expected fourth-quarter results wouldn't meet estimates.
Per-share earnings will range between 44 cents and 46 cents a share, about 3 cents below prior expectations. As well, revenue probably won't meet the projected $11.9 billion.
Cisco's plunge could hurt the entire technology sector on Thursday, especially Nasdaq, if investors worry that demand for networking products is falling.
Read Full Article from International Business Times
- Posted: 2012-05-10 10:13:26
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
