Cisco Stock Tumbles After Q3 Sales Miss, Softer Earnings Outlook As China Covid Closures Snarl Component Deliveries


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The Street By Martin Baccardax “These lockdowns resulted in an even more severe shortage of certain critical components,” said CEO Chuck Robbins. “This in turn prevented us from shipping products to customers at the levels we originally anticipated heading into Q3.” Cisco Systems (CSCO) – Get Cisco Systems, Inc. Report shares plunged lower Thursday after the world’s biggest computer network equipment maker posted weaker-than-expected third quarter sales, and forecast softer near-term profits, thanks in part to supply chain disruptions that are holding back deliveries of key components. Cisco said adjuste…