Reginal Thomas
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Cisco Expects Sales To Drop 10%


Cisco Systems said it expects sales in the current quarter to slide as much as 10%, surprising analysts who expected to see revenues grow for the quarter. The company also said it expects  business to be "challenging" for the next couple months. Cisco CEO John Chambers said, "CEOs are very concerned and probably more cautious about next year than I've seen them in quite a while" he said it was contributed to the "lack of confidence that people are seeing." Cisco also plans to boots its stock buyback program by $15 billion. The company posted  first quarter earnings, of 53 cents per share, up from 48 cents a share a year ago. Revenue increased to $12.09 billion from $11.88 billion a year ago, missing expectations of $12.34 billion or 51 cents per share.