Cisco Systems Inc. spooked investors with a warning that Chinese lockdowns and other supply disruptions would wipe out sales growth in the current quarter, sending its shares plummeting the most in more than a decade and renewing broader concerns about tech spending in a shaky economy.
Cisco shares fell 14% to $41.72 at Thursday’s close, the worst one-day drop since February 2011. The decline weighed on stocks of other networking companies, dealing a fresh blow to an already-battered sector. The shares have plunged 34% this year.
