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Cisco forecasts quarterly profit below estimates as reopening economies hit demand


Cisco forecasts quarterly profit below estimates as reopening economies hit demand
05/19/2021 20:24
(Reuters) -Cisco Systems Inc on Wednesday forecast its current-quarter revenue below estimates, expecting the reopening of economies to cool last year s pandemic-driven demand for its networking and teleconferencing tools, sending its shares down 5%.
With people beginning to return to offices following mass COVID-19 vaccination drives, the company expects demand for its video-conferencing platform Webex, virtual private network AnyConnect and cybersecurity products to slow down.
Cisco forecast fourth-quarter profit to be between 81 cents to 83 cents per share, below estimates of 85 cents per share, according to Refinitiv data.
The company s revenue rose to $12.80 billion in the third quarter ended May 1, above analysts average estimate of $12.56 billion, according to IBES data from Refinitiv. ....

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UPDATE 1-Cisco forecasts quarterly profit below estimates as reopening economies hit demand


UPDATE 1-Cisco forecasts quarterly profit below estimates as reopening economies hit demand
Reuters
1 day ago
May 19 (Reuters) - Cisco Systems Inc on Wednesday forecast its current-quarter revenue below estimates, expecting the reopening of economies to cool last year s pandemic-driven demand for its networking and teleconferencing tools, sending its shares down 5%.
With people beginning to return to offices following mass COVID-19 vaccination drives, the company expects demand for its video-conferencing platform Webex, virtual private network AnyConnect and cybersecurity products to slow down.
Cisco forecast fourth-quarter profit to be between 81 cents to 83 cents per share, below estimates of 85 cents per share, according to Refinitiv data. ....

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Taiwan Business Quick Take - Taipei Times


Taiwan Business Quick Take
Tech hit by lower sentiment
The TAIEX yesterday moved lower as tech heavyweights, especially in the semiconductor sector, came under downward pressure, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (台積電). Concerns over the market’s future have increased as market sentiment has been hurt as foreign institutional investors hold a large number of short-term futures contracts, indicating more selling on the spot market, dealers said. The TAIEX ended down 97.34 points, or 0.6 percent, at 16,215.82. Turnover totaled NT$311.224 billion (US$11 billion). Foreign institutional investors sold a net NT$12.93 billion of shares on the main board, Taiwan Stock Exchange data showed. ....

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