By Denny Jacob

Cisco Systems Inc. shares fell 15% to $40.90 in late trading Wednesday after the company logged third-quarter revenue below analysts' expectations and guided for lower fourth-quarter and fiscal 2022 revenue.

The networking-equipment giant said it expects revenue in the fourth quarter to decline between 1% and 5.5% year-over-year. For fiscal 2022, it expects revenue to increase between 2% and 3% year-over-year, down from its prior guidance set between 5.5% and 6.5% growth.

The company posted net income of $3.04 billion, or 73 cents a share, for the third quarter ended April 30 compared with net income of $2.86 billion, or 68 cents a share, in the prior-year period. Adjusted per-share earnings were 87 cents, above analysts' expectations of 86 cents.

Revenue ticked up to $12.84 billion from $12.8 billion. Analysts polled by FactSet expected $13.37 billion.

Chief Executive Chuck Robbins said in prepared remarks that the company continues to see solid demand but noted that Covid-19 lockdowns in China and the war in Ukraine impacted revenue in the quarter.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

May 18, 2022 16:39 ET (20:39 GMT)

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