Cisco executives described a slowdown that had previously been confined to smaller parts of the market suddenly expanding into almost all corners of the world.
Cisco CSCO, +0.19% projected that revenue would decline by 5% or more in the current period when it reported quarterly earnings Wednesday afternoon, news that sent shares down by about the same percentage in after-hours trading. In a conference call and interview with MarketWatch, executives described a slowdown that had been confined to smaller parts of the market three months ago suddenly expanding into almost all corners of the world.
In an interview with MarketWatch following the call, Chief Financial Officer Kelly Kramer said that large businesses were putting purchases through more review processes, meaning orders were taking longer to get done.The insights provided Wednesday suggest that concerns are warranted, well beyond Cisco’s near-term future.
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