Cisco issues warning about performance

CEO says company lost its way


Cisco Systems Inc. has backed off previous growth expectations for its fiscal year that starts Aug. 1, prompting some Wall Street analysts to downgrade the company’s stock to neutral, according to a Reuters report.

Cisco CEO John Chambers said the company has lost its way.

"The company is a tanker ship that will require multiple quarters to fix its long-term financial model," brokerage Gleacher & Co. said in a note to clients, according to Reuters.

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