Cisco stock slides as profits slump

Nima Green
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Cisco stock slides as profits slump

Cisco gives negative guidance for 2nd quarter in a row, citing a 'challenging macro environment'

Cisco has once again warned that the tech sector is being buffeted by unfavourable geopolitical winds, as it logged a disappointing Q1. A slump in orders for new equipment meant net income dropped double digits by 18 per cent year on year to $2.9bn, leading the networking giant to issue a second consecutive quarter of negative guidance. The Californian vendor is anticipating its Q2 revenues to drop by at least three to five per cent year on year. In response, Wall Street knocked almo...

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