Cisco CEO Calls Business Slow

Cisco (CSCO) CEO John Chambers said business in January has been "a little bit slow" for the networking giant, according to Bloomberg.

"The business momentum of most of my customers was very tough in December, and equally tough in January," Chambers said at the World Economic Forum in Davos, Switzerland.

Chambers also was quoted as saying Cisco may put off some expansion plans as it waits for the slowdown to run its course. He called the slowdown a "two-quarter phenomenon."

Earlier this month Chambers, in a dramatic turnabout, said his business' visibility was suddenly murkier, and he urged investors at a Morgan Stanley Dean Witter conference Wednesday to prepare for a less predictable revenue growth rate within the 30% to 50% range in the near term.

In Switzerland, Chambers said, "I have said that in economies that are growing reasonably well, Cisco will grow 30% to 50% percent. In economies that slow, we will go below 30% to 50%. And we may go negative if it's a slowdown that's very rough, that lasts a long period of time."

Bloomberg also reported that Chambers later said analysts expect the company to meet its target this fiscal year (which ends in July), but he wouldn't comment on what he believes will happen. Analysts expect Cisco to earn 78 cents a share this fiscal year on revenue of $29.54 billion.

More from Technology

EU Apple Users Can Now Download All the Info It Has on Them

EU Apple Users Can Now Download All the Info It Has on Them

Did Trump Just Torpedo the Stock Market Again?

Did Trump Just Torpedo the Stock Market Again?

Venture Capital Funding Surges 49% as Tech Innovation Piques Investor Interest

Venture Capital Funding Surges 49% as Tech Innovation Piques Investor Interest

10 Questions for PayPal Ahead of Its Big Investor Day

10 Questions for PayPal Ahead of Its Big Investor Day

How the Public Really Feels About Autonomous Driving Right Now

How the Public Really Feels About Autonomous Driving Right Now