Cisco forecasts profit below estimates, cites supply chain issues

Cisco Systems Inc on Wednesday cautioned that supply chain issues will linger through the end of 2021 and forecast its current-quarter profit below estimates, sending shares of the network gear maker down 5%.

The warning comes as all tech companies are facing a global chip shortage.

“Notwithstanding what’s going on in the supply chain, our revenue guide would have been higher, which could have probably flowed through to improving EPS as well,” Chief Executive Officer Charles Robbins said during an earnings call.