Cisco Systems Inc forecast current-quarter profit below expectations, as supply chain issues including high chip prices pushed up costs at its networking hardware business, sending its shares down 6.3per cent.
The company faced a"very dynamic supply environment" in the quarter, Chief Executive Officer Chuck Robbins said in a statement. The company said its orders grew 33per cent, signalling strong demand, though supply issues prevented them from translating into revenue during the reported quarter. Industry experts say Cisco is set to benefit from a boom in cloud computing and 5G adoption in an increasingly digital world. But supply issues including chip shortages and shipping bottlenecks, which are expected to continue affecting the sector in the near term, have prevented the company and its peers from capitalizing on strong demand.
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