Did Cisco Just Say Demand is “Very Lumpy?”
wolfstreet.com / by Wolf Richter •
It has a history of tripping the markets.
Revenues in the current quarter – Q3 of its fiscal year – would drop 4% to 6% year-over-year, Cisco said after hours today. Shares plunged 8% to around $31 in late trading. Timing of the announcement was impeccable: Minutes after the Dow finished its 372-point plunge.
It also announced 1,100 layoffs on top of the 5,500 layoffs it revealed last August (7% of its workforce at the time), and it added $814 million in charges related to those restructuring efforts, spread over Q3 and Q4.
Cisco has a history of tripping up the markets.
In an earnings call in November 2007, then CEO John Chambers famously used “very lumpy” to describe growth in the US. The S&P 500 and the Dow had just edged down from all-time highs. The market was still blissfully ignoring the hissing from the housing bubble and the stench from the banks. Cisco’s quarter had been phenomenal, with revenues up 17%. But after some gushing, Chambers said revenue growth in the US would be “very lumpy.” The Financial Crisis was next.
The post Did Cisco Just Say Demand is “Very Lumpy?” appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/05/17/did-cisco-just-say-demand-is-very-lumpy/
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