Originally published at www.seclive.com
Filing in Focus: Cisco 8-K, November 13, 2013
Cisco Systems, Inc. (NASDAQ:CSCO) announced its financial results for the first fiscal quarter of 2014, reporting a slowdown in revenue growth. Revenue at the computer networking-equipment company rose only 1.8%, missing its own 3% to 5% growth projections. The company attributes the decline to weak demand in emerging markets like China, where it faces tough competition against the local Huawei Technologies. CEO John Chambers remarked that recent revelations about NSA surveillance could be causing some to stop and think before purchasing equipment from a U.S. technology company. Profits decline 4.6% from $2.09B and $0.39 per share to $2.0B and $0.37 per share, with revenue inching upward from $11.9B to $12.1B. When it anticipated business slowing back in August, the company announced its plans to trim 5% of its workforce in an effort to help reduce costs. Chambers believes the company always makes a turnaround, coming back stronger each time.
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