Why Cisco Stock Was Down More Than 10% Today
Shares of Cisco Systems (NASDAQ: CSCO) were trading down 13.9% at 11:08 a.m. ET on Thursday after the company delivered earnings results for the fiscal third quarter, which ended April 30.
The networking gear leader reported revenue that came in below estimates and revised its full-year outlook for revenue lower than previously forecast. The stock had been falling with the broader market in 2022, but the share price is now down 34% year to date, underperforming the Nasdaq Composite loss of 27%.
Revenue of $12.8 billion was flat year over year, while adjusted earnings per share increased 5%. The profit increase is encouraging in this environment, but investors were more focused on the outlook for revenue.
Source Fool.com
