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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	3/25/2001 7:56:16 PM
From: jeffersonkeith	Read Replies (1) of 37746

CSCO CEO sees longer downturn... Cisco chief warns US downturn is set to continue By Edward Luce and Louise Kehoe in San Francisco Published: March 25 2001 19:39GMT \| Last Updated: March 25 2001 23:03GMT (from the FT.com site--The Financial Times) The US economic downturn will continue for "at least three more quarters" and possibly longer, according to John Chambers, the chief executive of Cisco Systems and one of the leading business executives in Silicon Valley. Mr Chambers said in an interview with the Financial Times that the outlook for the US economy had deteriorated significantly since Cisco - the leading supplier of computer networking equipment - warned in January that it expected the downturn to last for two quarters or more. Cisco shares fell by $1.06 to $18.69 on Friday amid rumours the company would issue a further profits warning for its third quarter results in May. Although Mr Chambers did not warn on profits, his comments are likely to fuel the anxiety about the deterioration of the US economy that prompted sharp global stock market falls last week. The company, which is considered to have one of the most advanced "real-time" internal systems for monitoring day-to-day worldwide customer demand, missed its quarterly earnings target last month for the first time in six years. As recently as November Cisco enjoyed a growth rate of over 70 per cent. By February orders had dropped below those of the same month last year. It may have been the "fastest deceleration that any company had ever experienced," Mr Chambers said. "We thought this [downturn] would last for two quarters. Now we are saying that it will last for at least three quarters. "The slowdown that we saw in January is continuing in February and March. We have seen the issues expand to Asia-Pacific and we see the early signs in Europe." America's National Association of Business Economics, in a six-monthly economic policy assessment to be released on Monday, said for the first time in nearly five years that it had "major reservations" about the conduct of monetary policy.

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