Shares of the Dow component fell 8.2 percent to $31.05 in after market trading on Wednesday.The company said on Wednesday it expected revenue for its fourth quarter to fall between 4 6 percent from a year earlier https://www.cheapjerseyssonly.com/, implying a range of $11.88 billion $12.13 billion.Analysts on average had expected revenue of $12.51 billion, according to Thomson Reuters I/B/E/S.Cisco said orders in its public sector business, which includes sales to federal, state and local governments, fell 4 percent in the third quarter ended April 29.”It’s a pretty significant stall right now with the lack of budget visibility,” Chief Executive Chuck Robbins said on an earnings call.Democrats and Republicans agreed earlier this month to provide around $1 trillion to keep the federal government funded through the end of the fiscal year on Sept. 30.However, divisions between the parties are likely to flare up again when the White House unveils President Donald Trump’s first full budget for the 2018 fiscal year on Tuesday.”So, you’ve got some pretty large pieces of (the) business under duress,” Needham Co analyst Alex Henderson said.”Some of it is probably around the lack of a budget agreement on extending the debt limits until fairly late in the quarter, some of it could be related to timing of programs it’s hard to pin that down.”Demand for Cisco’s routers remained weak in the latest quarter, contributing to the company’s sixth straight decline in revenue.Revenue in its closely watched security business, which offers firewall protection and breach detection systems, rose 9 percent to $527 million, but missed analysts’ estimate of $545.5 million, according to financial data and analytics firm FactSet Street Account.The security business is set to benefit from a likely jump in spending by companies and governments following the recent global “ransomware” attack, according to some analysts.The company said it expected an adjusted profit of 60 cents 62 cents per share for the current quarter. Analysts on average were expecting a profit of 62 cents.The company’s net income rose to $2.52 billion, or 50 cents per share, in the third quarter ended April 29 from $2.35 billion, or 46 cents per share, a year earlier..
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