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Chambers: Slow Spending Hurting Tech Sector
Networking hardware/software titan Cisco has looked to the horizon of the present day economy. Judging by Chambers's comments, we will see a perfect storm of roiling clouds, mountainous waves, and ferocious winds to batter the good ship American Economy.
Technology companies hoping for some spending by businesses may have to keep on hoping. Cisco's recent earnings report for its second quarter showed gains in revenue (up 16.5 percent year-over-year to $9.8 billion), net income (up 7.2 percent YoY to $2.1 billion), and earnings per share (up 6.5 percent YoY to 33 cents).
Chambers told analysts in the latest conference call he forecasts only a 10 percent increase for Cisco's revenue in its third quarter. Business Week said disappointed Wall Street observers expected 15 percent growth.
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