Cisco says hurt by weak banks; shares dive
NEW YORK (Reuters) - Cisco Systems Inc (NasdaqGS:CSCO - News) CEO John Chambers said on Wednesday his company was hit by "dramatic decreases" in orders from U.S. banks, triggering concerns about its growth prospects and sending its shares plunging.
His comments sounded markedly more cautious than in previous quarters, when the chief executive said the global economy was stronger than he had ever seen, analysts said.
Strongest ever!
Chambers told analysts on a conference call that orders fell from U.S. financial institutions and auto companies, and he expected demand from the U.S. enterprise segment -- including banks and retailers-- to remain "lumpy" for a while.
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