At the time, executives warned revenue could fall as much as 5 percent in the current fiscal third quarter the first decline in its 11-year history as a public company. The San Jose, Calif.-based company is already taking steps to counteract the sluggish economy. Late last week, Cisco unveiled plans to cut up to 5,000 of its full-time employees about 11 percent of its regular work force and up to 3,000 of its temporary and contract workers. The remarks from Cisco, one of the most popular technology companies among investors, come amid a frightening freefall in the Nasdaq stock market that has wiped out more than two years worth of hefty gains. However, he said, the current uncertainties make near-term projections a vexing task.
Visibility is tight.
I don't think anyone in this room can tell us what capital spending will be in the next four quarters.