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Cisco warns of big second quarter revenue drop, shares fall

14
Nov
2013

By Sinead Carew NEW YORK (Reuters) – Network equipment maker Cisco Systems Inc warned that its revenue would decline between 8 percent and 10 percent in its second fiscal quarter, sending its shares down almost 10 percent in late trade. Chief Executive John Chambers blamed weak demand in emerging markets such as China, saying companies there have become more hesitant to buy Cisco products due because of political repercussions from leaks about the United States spying on foreign governments. Chambers said that in other countries, where the political impact was nominal, Cisco is seeing a slowdown in decision making due to macro economic issues there. He said Ciscos orders fell dramatically toward the end of the first quarter because of big declines in many of its most important emerging market countries.

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