{"id":5774,"date":"2021-05-20T08:58:41","date_gmt":"2021-05-20T12:58:41","guid":{"rendered":"https:\/\/www.technewsday.com\/?p=5774"},"modified":"2021-08-03T11:11:42","modified_gmt":"2021-08-03T15:11:42","slug":"cisco-predicts-profit-below-estimate-this-quarter","status":"publish","type":"post","link":"https:\/\/technewsday.com\/staging\/cisco-predicts-profit-below-estimate-this-quarter\/","title":{"rendered":"Cisco Predicts Profit Below Estimate This Quarter"},"content":{"rendered":"\n<p>Cisco Systems said Wednesday that supply chain problems will persist through 2021 as it forecast a below-estimates profit for the current quarter, sending its network shares down 5% on Wednesday.<\/p>\n\n\n\n<p>The tech industry is currently facing a chip shortage which has severely affected production in many semiconductor industries.<\/p>\n\n\n\n<p>Cisco&#8217;s fourth-quarter profit was 81 to 83 cents per share, compared with an estimated 85 cents per share, and revenue growth is pegged at 6 to 8%.<\/p>\n\n\n\n<p>In an interview, Cisco Chief Financial Officer Scott Herren said the current chip shortage is temporary.<\/p>\n\n\n\n<p>Revenue in the third quarter that ended May 1 rose 7% year-on-year to $12.80 billion, beating analysts&#8217; forecasts of $12.56 billion.<\/p>\n\n\n\n<p>The company&#8217;s service revenues increased by 8% and product revenues by 6% as demand for video conferencing, virtual private networks and cybersecurity products boosted sales.<\/p>\n\n\n\n<p>The company is also on track to break the $14 billion mark in software sales over the next 12 months.<\/p>\n\n\n\n<p>Net income rose to $2.86 billion, or 68 cents per share, from $2.77 billion, or 65 cents per share.<\/p>\n\n\n<p>For more information, read the <a href=\"https:\/\/www.reuters.com\/business\/cisco-beats-quarterly-revenue-estimates-2021-05-19\/\" target=\"_blank\" rel=\"noopener\">original story<\/a> in Reuters.<\/p>","protected":false},"excerpt":{"rendered":"<p>Cisco Systems reports that supply chain issues will stay through 2021 after predicting a below estimate profit for this quarter.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-5774","post","type-post","status-publish","format-standard","hentry","category-companies"],"acf":[],"_links":{"self":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/5774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/comments?post=5774"}],"version-history":[{"count":3,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/5774\/revisions"}],"predecessor-version":[{"id":5799,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/5774\/revisions\/5799"}],"wp:attachment":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/media?parent=5774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/categories?post=5774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/tags?post=5774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}