Stock Attack II - A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack II - A Complete Analysis

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To: Lee Lichterman III who wrote (7261)	5/8/2001 4:48:31 PM
From: dennis michael patterson	Read Replies (1) of 52237

It can get worse, it will. Chambro ain't given em what dey want: Cisco Drops After Beating Estimates By Scott Moritz Senior Writer 5/8/01 4:35 PM ET Earnings at networking giant Cisco (CSCO:Nasdaq - news) plunged from year-ago levels but beat Wall Street's sharply reduced expectations. The stock slipped in after-hours trading as Cisco continued to make sour comments about the economy. Cisco Tuesday afternoon reported third-quarter operating earnings of 3 cents a share on revenue of $4.73 billion, beating the Thomson Financial/First Call analyst consensus of 2 cents on sales of $4.7 billion. But both figures plunged from a year ago, when Cisco earned 13 cents a diluted share on revenue of $4.93 billion. After charges, Cisco lost $2.7 billion, or 37 cents a share. As it predicted last month, Cisco also recorded restructuring costs and other special charges of $1.17 billion and an excess inventory charge of $2.2 billion in the latest period. Cisco didn't offer any guidance about fourth-quarter or fiscal 2002 financial results. But acknowledging the roller-coaster ride the company has been on over the last 18 months, CEO John Chambers said in a statement, "The first four months of 2001 were extremely challenging as we went from year-over-year bookings in excess of 70% in November to 30% negative growth within a span of several months. "This may be the fastest deceleration any company of our size has ever experienced," Chambers added, continuing to blame the economy for the company's souring results. "It is also now clear to us that the peaks in this new economy will be much higher and the valleys will be much lower, and the movement between these peaks and valleys will be much faster. We are now in a valley much deeper than any of us anticipated and we believe the basic issues are macro economic and capital spending related." After rising $1.13 during regular trading to $20.38, Cisco dropped 38 cents to $20 after hours on Instinet.

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