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.
Net income rose to $2.86 billion or 68 cents per share, from $2.77 billion or 65 cents per share, a year ago.
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