Cisco's Q1 Explained
CEO John Chambers got to talk about that at the company's shareholder meeting today -- in fact, it was the first question in the Q&A session.
Chambers seemed to agree that some investors were disappointed when Cisco didn't have any good-news surprises in its report. Them's the breaks, kids: "There's no way I was going to forecast above guidance, everyone knows that," Chambers told today's audience.
On top of that, Chambers said Cisco's earnings arrived on a disastrous day for Wall Street, with oil prices hitting an all-time high, the dollar approaching a record low, and U.S. banks claiming billions in losses. I haven't date-checked all those items, but I do recall seeing stocks across the board going down.
"We thought the stock would go up," Chambers said.
Not every question was so probing. One investor asked for an update on Cisco Field, the upcoming Oakland A's ballpark. Unfortunately, the project is in that 12- to 18-month city/county review period where there's not much to say (well, maybe a little).
— Craig Matsumoto, West Coast Editor, Light Reading