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Mix-Ansicht- Cisco warns on slowdown - YIHI, 26.03.2001, 12:15
Cisco warns on slowdown
Cisco warns on slowdown
Cisco CEO expects U.S. economic slowdown to last at least three quarters
March 26, 2001: 3:47 a.m. ET
LONDON (CNN) - Cisco Systems Chief Executive John Chambers expects the U.S. slowdown to continue for at least nine months and possibly longer.
The outlook for the U.S. economy had deteriorated significantly since Cisco warned in January it expected the downturn to last two quarters or more, Chambers said in an interview with the Financial Times.
Cisco (CSCO: Research, Estimates) shares fell $1.06 to $18.69 on Friday on speculation the world's leading supplier of computer networking equipment would issue a further profits warning for its third-quarter results in May.
Although Chambers didn't warn on profits, the FT said his comments are likely to fuel the anxiety about the deterioration of the U.S. economy that prompted sharp global stock market falls last week.
"We thought this [downturn] would last for two quarters," Chambers said."Now we are saying that it will last for at least - at least - three quarters."
The FT said that Chambers - known as a close supporter of President George W. Bush - also urged U.S. government agencies to take more drastic remedial action to mend the economy.
One big problem, said Chambers, was that"business leaders are making decisions based on real-time data, while governments are making decisions based on data that often lags by one to three months, and old economy data rather than new economy data."
Cisco, which is considered to have one of the most advanced real-time internal systems for monitoring day-to-day worldwide customer demand, missed its quarterly earnings target last month for the first time in six years.
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