Ciscos Tepid Forecast Clouds Quarterly Beat Shares Fall

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– Network gear maker Cisco Systems Inc (CSCO.O) reported third-quarter profit and revenue that topped analysts’ estimates on Wednesday, but shares fell 4 percent after dour current-quarter forecasts indicated that the transition to a software-focused business remained a work in progress.

Cisco’s stock has climbed 18 percent and is the second biggest gainer among Dow components this year as investors bet on the company’s turnaround under Chief Executive Officer Chuck Robbins.

Since taking the helm in July 2015, Robbins has steered the hardware giant away from its traditional business of supplying switches and routers and into newer growth areas such as cloud, Internet of things and cyber security.




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