FILE PHOTO: A man passes under a Cisco logo at the Mobile World Congress in Barcelona, Spain February 25, 2019. REUTERS/Sergio Perez
(Reuters) – Cisco Systems Inc forecast current-quarter profit below Wall Street estimates on Wednesday, because of soft demand for its newer businesses such as software and cyber security, sending shares down 7% in extended trading.
The company expects adjusted earnings of 80 cents to 82 cents per share in the first quarter of 2020, below analysts’ estimates of 83 cents, according to IBES data from Refinitiv.
Reporting by Sayanti Chakraborty in Bengaluru; Editing by Arun Koyyur