Cisco Sales Forecast Points to Slower Technology Spending
- Company projects revenue fall while analysts estimated gain
- Sales in switching, the biggest business unit, declined 7%
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Cisco Systems Inc., the biggest maker of the equipment that’s the backbone of the internet, projected sales and profit that indicate corporate spending on technology hardware is slowing.
Profit before certain costs in the period that ends in January will be 55 cents to 57 cents a share and revenue may decline as much as 4 percent, the company said Wednesday. Analysts projected profit of 59 cents a share and a 2 percent increase in sales to $12.1 billion, according to data compiled by Bloomberg.