Cisco Systems Inc. forecast sales this quarter that missed analysts’ most optimistic projections, citing growth challenges in China and Europe and the prospect of lackluster government demand for networking equipment.
Cisco Systems Inc., the biggest maker of networking equipment, said it’s cutting about 5 percent of its workforce after issuing a fiscal first-quarter sales forecast that missed most analysts’ estimates.
Cisco Systems Inc., the biggest maker of computer networking equipment, rose the most in almost three months after its profit topped analysts’ estimates, price reductions helped spur sales and cost cuts kept margins intact.
Hewlett-Packard Co. issued a forecast for fiscal fourth-quarter profit that missed some analysts’ estimates, and Chief Executive Officer Meg Whitman rescinded a projection for growth in fiscal 2014 as ebbing demand for personal computers and lower business spending hamper her turnaround efforts.
Apple Inc. rose to a record in Nasdaq trading after profit almost doubled last quarter and Chief Executive Officer Steve Jobs tantalized investors with the promise of “extraordinary” new products. The doubling of the stock in the past year already has made Apple the third-most valuable company in the U.S. and today’s gains bring it closer to the No. 2, rival Microsoft Corp. Apple jumped 6 percent on the Nasdaq Stock Market.