Reuters
Cisco shares slump as China lockdowns, Ukraine crisis hit outlook
It also said fourth-quarter revenue would decline by 1% to 5.5%, becoming the latest U.S. company to outline a hit from Beijing’s “Zero COVID” policy that has worsened supply-chain snags and hurt demand amid rising inflation. Executives from the company flagged severe component shortages over the coming quarters and said third-quarter revenue growth took a $200 million hit from ceasing operations in Russia and Belarus. Cisco, which sells networking equipment and software to connect devices to the internet, now expects revenue growth of 2% to 3% in fiscal 2022, compared with an earlier forecast of 5.5% to 6.5%.
