Cisco Projects Sales Growth Constrained by Further Supply Chain Issues
- Company says it will add $15 billion to stock repurchase plan
- Quarterly sales increase 6% even as supply crunch continues
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Cisco Systems Inc., the biggest maker of computer networking equipment, gained in late trading after giving a bullish forecast for the current quarter and boosting its share buyback program.
Sales will increase 3% to 5% in the period ending in April, the company said Wednesday in a statement. That compares with the average analyst projection of 4% revenue growth, or $13.3 billion, according data compiled by Bloomberg. Excluding certain items, earnings will be 85 cents to 87 cents a share.