Cisco’s new outlook calls for a revenue decline of 5%-10% next quarter. The Street was looking for +6%. October was apparently awful. Worldwide.
It is increasingly clear that the global economy fell off a cliff at the end of September, around the time that the global credit markets ceased functioning.
Cisco sells to huge corporations across the globe. If they aren’t buying routers, etc. from Cisco, then their business is slowing too. Not a good sign.