Why Cisco Stock Dropped Today
Shares of Cisco Systems (NASDAQ: CSCO) fell 5.5% on Thursday after the company warned investors that supply chain challenges were weighing on its sales and profits.
Cisco's revenue rose 8% year over year to $12.9 billion in its fiscal 2022 first quarter, driven in part by 10% growth in its networks business and 46% growth in its internet for the future operations, which center on network innovations. That drove an 8% increase in the tech titan's adjusted earnings per share (EPS), to $0.82.
"In Q1, we had robust growth and continued strong demand despite the very dynamic supply environment," CEO Chuck Robbins said in a press release. "Cisco's technology sits at the heart of the accelerated digital transformation happening today."
Source Fool.com
