Cisco Shares Fall as Forecasts Miss Analysts’ Estimates
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Cisco Systems Inc. fell the most in 15 months after the maker of computer-networking equipment forecast fourth-quarter sales and profit that missed analysts’ estimates, saying some business clients are reluctant to spend.
Profit before some costs in the period ending in July will be 44 cents to 46 cents a share, Cisco said on a conference call yesterday. Revenue will rise 2 percent to 5 percent from a year earlier, Cisco said, indicating a range of $11.4 billion to $11.8 billion. Analysts on average had projected profit of 48 cents on sales of $12 billion, according to data compiled by Bloomberg. The shares fell as much as 9.3 percent in Germany.