Cisco's first-quarter forecast disappoints, shares fall
(Reuters) - Cisco Systems Inc on Wednesday forecast first-quarter revenue and profit below Wall Street estimates, as the top network equipment maker struggles with the coronavirus crisis disrupting its supply chains and also forcing clients to hold back spending.
(Reuters) - Cisco Systems Inc
The company's shares declined more than 3% after the bell.
Cisco expects current-quarter revenue to fall between 9% and 11% from last year, compared with analysts' estimate for a 6.87% drop, according to Refinitiv IBES data. It expects adjusted earnings between 69 cents and 71 cents per share, below estimates of 76 cents.
The pandemic has forced some of its clients to hit the pause button on big spending to conserve cash, piling more pressure on Cisco's core business of selling routers and switches.
Revenue fell about 9% to $12.15 billion (9.31 billion pounds) for the fourth quarter ended July 25, slightly above an estimate of $12.08 billion, as more people working from home during lockdowns boosted demand for its networking equipment and teleconferencing tools.
(Reporting by Ayanti Bera in Bengaluru; Editing by Devika Syamnath)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Laura Sanicola NEW YORK (Reuters) - Oil prices settled higher on Tuesday, with Brent hitting above $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States as OPEC+ agreed to boost output. Brent crude futures for August settled up 93 cents, or 1.3%, to $70.25 a barrel after hitting $71 earlier in the session - its highest intra-day price since March 8. U.S.
By Lewis Krauskopf, Shashank Nayar and Medha Singh (Reuters) - Wall Street's main indexes ended little changed on Tuesday, with gains in energy and financial shares countering declines in healthcare, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation. The S&P 500 financial sector hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector
(Reuters) - Zoom Video Communications Inc on Tuesday forecast better-than-expected revenue for the current quarter, after beating quarterly estimates, as the video-conferencing platform expects steady growth from remote work and online learning. Zoom became a household name during the pandemic as businesses and schools switched to its video conferencing platform for virtual classes, office meetings and social catch-ups