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Cisco's weak outlook sent shares plunging

May 10, 2012

Cisco Systems (market close: +0.4%) shares lost 8.7% in extended trade after the leading computer-networking equipment maker gave a tepid fiscal Q4 outlook (EPS forecast for the period ending in July: 44 - 46 cents, EPS analyst consensus: 48 cents; revenue target: $11.4 - 11.8 bn, median estimate: $12 bn), accentuating concerns about global technology spending and the strength of the global economy.

Net income in the quarter ended 28 April increased 20% to $2.17 bn, or 48 cents per share (excluding certain costs, median analyst estimate in Bloomberg survey: 47 cents), on 6.6% higher sales of $11.6 bn (in line with market expectations).