Cisco Systems Down 10% on Weak Q4 Guidance

Cisco Systems

is trading lower on the session following its Q3 earnings announcement. The company reported an EPS of $0.48 vs $0.47 estimates and revenues of $11.6 billion vs $11.57 billion estimates. Cisco guided Q4 EPS $0.44-0.46 vs $0.48 estimates and sales $11.42-11.75 billion vs $12.0 billion estimates. John Chambers, Cisco chairman and CEO said: "We delivered solid results this quarter with record revenue and non-GAAP earnings per share. We are successfully executing against our long-term strategic plan of growing profit faster than revenue, and in a cautious IT spending environment, we continue to outperform our competitors." Cisco is currently trading at $16.84, a loss of $1.94 or 10.30%.