(Bloomberg) -- Cisco Systems Inc., the biggest maker of equipment that runs the internet, gave a disappointing sales forecast that underscores the challenges facing its multibillion-dollar hardware business during an industry shift toward cheaper, software-based networking.
Revenue in the current period may decline as much as 6 percent from a year earlier, the San Jose, California-based company said Wednesday in a statement. That indicates sales of as little as $11.9 billion, far short of the average analysts’ projection of $12.5 billion. Cisco also said it’s cutting an additional 1,100 jobs on top of the 5,500 it announced in August. The shares tumbled in late trading.
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