Cisco stock dips on sales warning

Cisco Systems’ shares fell over 11 per cent yesterday after the network equipment maker forecast a steep drop in revenue for the current quarter, prompting at least 17 brokerages to cut price targets on its stock and two to downgrade their ratings. Cisco said on Wednesday it expected an eight to 10 per cent drop in revenue in the current quarter after lower sales to telecom and cable service providers and in emerging markets hurt its results in the quarter ended 26 October.