The Rising Influence of Rising Affluence

[DewDiligence]

CSCO shares rise on better-than-feared outlook:

https://www.wsj.com/articles/ciscos-dim-view-has-a-bright-side-11589408957

The high-tech giant was one of the first major companies to report results for the fiscal quarter that ended in April. Thus, the results posted Wednesday afternoon reflect a much larger impact from the global pandemic than those in the most recent earnings season that reflected results through March. And Cisco felt it: Revenue for its fiscal third quarter fell 8% year-over-year to about $12 billion, which represents the company’s worst decline in six years. And the midpoint of its forecast for its fiscal fourth quarter that ends in July reflects a drop of 9.5%—the worst in more than a decade.

But both reported revenue and the forecast were slightly ahead of Wall Street’s bleaker projections.