Cisco Systems Inc. Chief Executive Officer John Chambers told shareholders at an annual meeting that the network-equipment maker will “emerge stronger than ever” from a sales slump by investing in developing markets.
Cisco Systems Inc.’s shares fell 11 percent after the company forecast its first quarterly sales decline in four years, adding to evidence that Chief Executive Officer John Chambers’s turnaround plan is sputtering.
Cisco Systems Inc., the world’s largest maker of computer-networking equipment, gave quarterly profit and sales forecasts that missed analysts’ estimates on sluggish emerging-market demand and weak corporate spending.
The U.S. will likely prioritize debt payments ahead of other obligations, should Congress fail to raise the nation’s $16.7 trillion debt ceiling, according to Moody’s Investors Service. Treasury has signaled less optimism on the department’s ability to “pick and choose” payments.
Cisco Systems Inc. Chief Executive Officer John Chambers identified some of the senior managers that he and the board are considering as possible successors when he retires, a move that could come in two to four years.