Cisco shares up 7.5% amid forecast that Q3 sales could grow 4%
Company's prediction counters concern that corporate demand is slowing amid fears of weaker global economy
San Francisco
CISCO Systems Inc, whose equipment is the backbone of the Internet, predicted sales that may beat some analysts' estimates, countering concern that corporate spending is falling off amid fears that the global economy is weakening.
The company said third-quarter sales may grow as much as 4 per cent from the preceding period, sending shares up 7.5 per cent to US$24.19 in extended trading on Wednesday following the announcement.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Brokers’ take: DBS cuts Venture Corp price target after Q1 earnings miss
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses