Cisco shares plunged by as much as 17% in extended trading on Wednesday after the networking company said it generated lower quarterly revenue than analysts predicted and called for an unexpected sales decline in the current period.
Here’s how the company did:
- Earnings: 87 cents per share, adjusted, vs. 86 cents per share as expected by analysts, according to Refinitiv.
- Revenue: $12.84 billion, vs. $13.34 billion as expected by analysts, according to Refinitiv.
Cisco’s revenue was roughly flat year over year in the quarter, which ended on April 30, according to a statement. In the previous quarter, revenue grew by 6%. The quarter spanned 13 weeks, one fewer than the year-ago quarter. Net…