Cisco: January "Very Challenging," Lower Orders Than Expected

Chambers says December strong, but January orders lower than expected. US and Europe customers are increasingly cautious.

Revenue guidance for FQ3 = + 10%, below 12%-17% target and current estimates.
Very uncertain, so not providing guidance for FQ4

Deterioration from December to January was “very rapid.”  Right now, Chambers optimistic it’s a short-term blip. They have extrapolated out weak January through quarter. It may actually improve.

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