Cisco down as results disappoint

Network giant Cisco Systems warned of continuing weak growth last night as it posted a 17.6 per cent fall in net profit in the three months to April, compared with the same period in 2010. Profit fell to $1.8bn (£1bn) from $2.2bn in 2010 despite sales revenue rising 4.8 per cent to $10.9bn in the quarter. But Cisco shares fell three per cent in late trading after chief executive John Chambers said revenues would be only between zero and two per cent higher in the next quarter, below analyst consensus estimates.