Cisco Systems Inc. shares slipped in extended trading after the network-equipment makers fourth-quarter forecasts fell short of Wall Streets most optimistic projections.
Before the company provided its outlook for the current period, the stock had surged 32 percent in a year, last week reaching the highest price in more than 17 years. While Cisco said its optimistic about demand and predicted a third straight period of sales growth, some investors had been betting on a faster acceleration. Shares fell about 4 percent.
Cisco still relies on hardware for more than half of its revenue, and its posted sales growth in only two of the past nine quarters. Chief Executive Officer Chuck Robbins has been working to make the company les…
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