705 days ago • Posted by Paul de La Baume
#Cisco #earnings add to #markets turmoil #trading #Nasdaq $CSCO
Cisco Systems reported flat revenues of USD12.8 billion year on year, falling short of estimates of USD13.3 billion. Orders were decent with product order growth of 8%, but the company was impacted by approximately USD200 million in revenue loss due to its decision to exit Russia and Belarus. It also said the Covid lockdowns in Russia impacted its quarter, although the fundamentals drivers remain strong. The stock tumbled 12% in after-hours on growth worries. The market is sensitive to any earnings disappointments, following earnings from Walmart and Target sparked growth concerns over the state of the consumer and rapidly rising costs, impacting margins. Nasdaq futures are continuing lower this morning down more than 1% as investors rush for the exit. The US 10-year is sinking below 2.85% in a risk-off trade.
