Cisco feels sting of economic downturn
Technology bellwether Cisco Systems gave a glum outlook Wednesday as the company sharply felt the effects of the financial crisis and weakening economy during its first fiscal quarter 2009.
Cisco's CEO John Chambers told analysts and investors on a conference call after it announced its earnings that the company saw a dramatic drop in enterprise sales during the last two months of the quarter, as its customers reigned back spending in light of the financial crisis and uncertain economy.
Chambers said the downturn, which the company first saw among U.S. customers, has now spread to customers in Western … Read more