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Cisco announces gloomy sales outlook

Computer networking company Cisco Systems has surprised the market by forecasting sales that fell short of analysts' estimates.

Computer networking company Cisco Systems has surprised the market by forecasting sales that fell short of analysts' estimates.

Revenue in the fiscal second quarter will be somewhere between $10.1bn (£6.2bn) and $10.3bn, said the company in a conference call. This is short of analysts' predictions of $11.1bn.

According to Reuters, John Chambers, Cisco's CEO, warned of "short-term challenges" in Europe and public sector spending, as well as weakness among service providers.

However, the company reported solid results for its first quarter to October of an 8% rise in profit to $1.9bn and 19% revenue growth of $10.75bn.

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