Why Cisco Systems Stock Fell Hard on Thursday – Motley Fool
Shares of network equipment giant Cisco Systems(NASDAQ:CSCO) fell hard on Thursday morning. A solid earnings report was undermined by weak guidance for the next fiscal quarter, and Cisco’s shares traded 11.3% lower at 10:45 a.m. EDT.
Cisco’s fourth-quarter revenue fell 9% year over year to $12.2 billion. Adjusted earnings slid 4% lower, landing at $0.80 per diluted share. The analyst consensus had called for earnings near $0.74 per share on sales of roughly $12.1 billion…