American network equipment supplier Cisco declared, which is experiencing serious problems with the supply of components, and lowered its profit forecast for the 2022 financial year. After that, the corporation’s shares sank on the Nasdaq by regarding 14%.
The company’s revenue for the third quarter of fiscal 2022 amounted to $12.83 billion – the same amount the company earned a year ago. And the net profit of the supplier of corporate software and server equipment grew by 6% year-on-year in the quarter, to $3 billion.
However, the company’s outstanding orders have already reached $15 billion, including $2 billion in software updates. The company notes that it is experiencing problems with the supply of components due to the conflict in Ukraine and coronavirus restrictions in China, and these problems will continue in the short term. Cisco expects a drop in revenue of 1-5.5% in the fourth quarter of fiscal 2022.
In addition, Cisco noted that it lost regarding $ 200 million in revenue due to the withdrawal from Russia and Belarus as a response to the start of a special military operation in Ukraine.
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