Cisco forecasts disappoint CEO

US technology firm Cisco Systems forecast revenue far short of Wall Street’s expectations yesterday, as it warned of uncertain demand from Europe and other markets, sending its shares tumbling 14 per cent. Chief executive John Chambers said he was disappointed at the revenue growth of nine to 12 per cent forecast for the 2011 financial year, well below the 13.1 per cent expected by analysts. Chambers said growth in the current quarter would be three to five per cent.