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08/08/2001
Cisco’s massive drop in profits triggers FTSE fall
Internet networking giant Cisco has reported an 86 per cent drop in earnings.
The results were revealed as part of the company’s third quarter profits and were in line with analyst forecasts.
The California-based firm released the figures after the close of US stock markets, which were in line with Wall Street hopes, and prompted a marginal rise in Cisco shares in after-hours trading.
However, in London the FTSE 100 Index dropped almost 100 points as a result of the figures. City analysts believe that the fall in shares were a result of both the figures and a report by Cisco that there could be more bad news for the tech sector before any recovery is seen.
The figures, viewed as a key indicator of the health of the US tech sector, is also be scrutinised on Wednesday by investors worldwide.
Tuesday's figures also revealed that, including one-off items, net income fell 99 per cent to $7 million, and the same period last year it booked a profit of $796 million.
The firm, which had forecast sales would drop by up to 10 per cent, said takings had actually fallen 25 per cent to $4.30 billion. (MB)
The results were revealed as part of the company’s third quarter profits and were in line with analyst forecasts.
The California-based firm released the figures after the close of US stock markets, which were in line with Wall Street hopes, and prompted a marginal rise in Cisco shares in after-hours trading.
However, in London the FTSE 100 Index dropped almost 100 points as a result of the figures. City analysts believe that the fall in shares were a result of both the figures and a report by Cisco that there could be more bad news for the tech sector before any recovery is seen.
The figures, viewed as a key indicator of the health of the US tech sector, is also be scrutinised on Wednesday by investors worldwide.
Tuesday's figures also revealed that, including one-off items, net income fell 99 per cent to $7 million, and the same period last year it booked a profit of $796 million.
The firm, which had forecast sales would drop by up to 10 per cent, said takings had actually fallen 25 per cent to $4.30 billion. (MB)
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19 March 2002
Fall in inflation suggests frozen interest rates
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Fall in inflation suggests frozen interest rates
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17 January 2002
Retail sales down for first time in 20 months
Despite the current high street spending spree, UK retail sales during December were down for the first month since April 2000. Releasing the figures, the Office for National Statistics (ONS) said that the decrease – of 0.3 per cent – occurred because the previous month’s sales volumes had been extremely strong.
Retail sales down for first time in 20 months
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15 November 2001
UK retail sales fall in October
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UK retail sales fall in October
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12 October 2001
US retail sales fall as consumers hold back
As widely feared, retail sales in the US took a dive in September as consumer confidence was dented by the terrorist attacks last month. The latest retail sales figures available indicate that in September sales dipped by 2.4 per cent. This was a much bigger slide than had been anticipated as is the worst fall in retail sales in almost ten years.
US retail sales fall as consumers hold back
As widely feared, retail sales in the US took a dive in September as consumer confidence was dented by the terrorist attacks last month. The latest retail sales figures available indicate that in September sales dipped by 2.4 per cent. This was a much bigger slide than had been anticipated as is the worst fall in retail sales in almost ten years.
08 August 2001
Shares drop on the FTSE Index
Tech stocks have contributed to a sharp fall on the main FTSE index. Reaching a drop of over 100 points, the fall has been blamed on US tech giant Cisco Systems reporting an 86 per cent drop in its third quarter profits. As a result all the main UK technology, media and telecoms shares saw falls when trading got underway.
Shares drop on the FTSE Index
Tech stocks have contributed to a sharp fall on the main FTSE index. Reaching a drop of over 100 points, the fall has been blamed on US tech giant Cisco Systems reporting an 86 per cent drop in its third quarter profits. As a result all the main UK technology, media and telecoms shares saw falls when trading got underway.
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