This is telling me something about what the BRICS are thinking about the future.
But what is it telling me? Gene > Cisco CEO: 'Never Seen' Such a Falloff in Orders > Slowdown in China, Emerging Markets Deliver Blow; Shares Tumbl > By DON CLARK CONNECT > Updated Nov. 13, 2013 6:50 p.m. ET > A slowdown in Cisco Systems Inc. CSCO -10.96% 's business is turning into a > tailspin, hobbled by weak demand in China and other emerging markets. > > The Silicon Valley network-equipment giant on Wednesday said revenue rose > just 1.8% in its first fiscal quarter, compared with its projection of 3% to > 5% growth. Cisco followed up by projecting a decline of 8% to 10% in the > current period, an unusually grim forecast for a company seen as a bellwether > for corporate technology spending. > > Cisco's shares fell 10% to $21.58 in after-hours trading following the > company's earnings report late Wednesday. > > Now Reporting > > > John Chambers, Cisco's chief executive, said orders the company expected to > land in October never materialized, particularly in Brazil, Russia, Mexico, > India and China. Orders for all emerging markets declined 21%. > > "I've never seen this before," Mr. Chambers said. > > The company had previously been having trouble in China, a huge technology > market where Cisco faces a tough domestic rival in Huawei Technologies Co. > Mr. Chambers acknowledged that recent disclosures about surveillance > activities by the U.S.National Security Agency may be adding to the woes > facing Cisco and other U.S. companies in China, though the effect seems to be > "fairly nominal" in other countries. > > "It's not having a material impact, but it's causing people to stop and then > rethink decisions," added Rob Lloyd, Cisco's president of development and > sales, during a conference call with analysts. > > First-quarter orders in China declined 18%, the company said, with Mexico and > India off by the same percentage. Orders were off 30% in Russia and 25% in > Brazil. full at Wall ST. Journal http://online.wsj.com/news/articles/SB10001424052702304243904579196241425599938?mod=WSJ_earnings_LEFTTopHeadlines _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
