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Cautious outlook drops stock

Wednesday, Aug. 6, 2003 | 9:46 a.m.

SAN JOSE, Calif. -- Shares of Cisco Systems Inc. fell more than 6 percent today after the network equipment maker reported fiscal fourth-quarter results that merely matched Wall Street's expectations.

In previous recent quarters, the company has managed to top earnings forecasts. Analysts also said Cisco's cautiously optimistic statements about its business were not unexpected.

For the first time in more than two years, executives said there is evidence of what could turn out to be an economic recovery. Shares of Cisco fell $1.24, to $17.62, in morning trading on the Nasdaq Stock Market.

For the three months ended July 26, Cisco earned $982 million, or 14 cents per share, compared with $772 million, or 10 cents per share, in the same period last year. Sales declined 2.6 percent, to $4.7 billion from $4.83 billion last year.

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