Cisco Shares Fall After CEO Says Pandemic Drag Is Lingering
- Company’s Enterprise revenue drops 9% from a year earlier
- Cisco reports software sales separately for the first time
Photographer: David Paul Morris/Bloomberg
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Cisco Systems Inc. shares fell after the company reported a big decline in enterprise sales and Chief Executive Officer Chuck Robbins warned Covid-19 is still crimping growth.
Sales in the fiscal second quarter totaled $12 billion, in line with a year earlier. Product revenue was $8.57 billion, down from the same period a year ago. Service sales were $3.39 billion, up about 2%, the company said in a statement Tuesday.