Cisco Systems Inc. shares plunged in the extended session Wednesday after the tech bellwether’s revenue forecast came up more than $1 billion short of Wall Street expectations, which executives blamed on COVID shutdowns in China.
In a conference call Wednesday afternoon, executives said supply issues were exacerbated by COVID lockdowns in China. “We’re talking really about the Shanghai situation, so we had $200 million from Russia, and then we had $300 million that was completely attributed to our inability to get power supplies out of China,” Robbins said. “That’s the simplicity of what caused the problem.”
“It’s not just power supplies,” Herren said. “We’ve got issues in a number of different areas. I tried to give you a sense of scale because I know it’s 41,000 unique components, what we said is about 350 have potential supply concerns right now.”
Those pesky Black Swans
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