Key Points
Nov 16 (Reuters) - Cisco (CSCO.O) tumbled 11% on Thursday after cuts to its annual forecasts raised fears that excess inventory with customers was sapping new orders in its mainstay networking equipment business...
The company was set to lose more than $20 billion in market value, based on its premarket share price of $47.48, after it lowered its projections for profit and revenue for fiscal year 2024 on Wednesday...
The company, looking to diversify its business from one-time purchases of expensive equipment to more recurring software offerings such as cybersecurity packages, started fulfilling its backlog of orders this year after grappling with supply-chain issues...
"Now, they've exhausted their excess backlog and the business is stepping back down to lower revenue run rates," Jefferies analyst George Notter said in a note...
"Like so many other companies, the organization is dealing with excess customer inventory a by-product of the supply chain crunch over the past 2+ years," Notter said...
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