Today looks like another rough one for the NASDAQ after tech giant Cisco Systems (NASDAQ: CSCO) warned that this year.
The company reported fiscal Q2 earnings of 38 cents per share, which was in line with analyst estimates, but where the problems come in, is that the company warned that recession fears may weigh on the company for the next couple of quarters.
Wall Street had been looking to see the company put up 15% third quarter revenue growth, but now the company is estimating that the third quarter is only going to show about a 10% jump in revenue. With the lower than expected future revenue expectations, analysts are starting to worry that the slowdown that is happening across America has begun to spread out to European countries faster than analysts had expected, as the company is seeing sales slow down across Europe as well as back home in the states.
Shares of Cisco have dropped 9.2% so far this morning, and almost all tech stocks have been falling in sympathy.
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