Cisco CEO Expects Market Share GainsBy Reuters | Print
Cisco's CEO told an analyst conference that his company would gain share in the overall market, including in the public sector, an area blamed for a fall in orders in Cisco's most recent reported quarter.
Dec 9 (Reuters) - Cisco Systems Inc (NASDAQ:CSCO) Chief Executive John Chambers said the network equipment maker would likely gain share in the overall market, including the public sector, where it suffered a fall in orders last quarter.
"I'd be surprised if, in the public sector and the market as a whole, our share as a total ... doesn't go up," he told a conference hosted by Sanford Bernstein on Thursday.
Cisco in November announced a weak sales outlook, citing weak orders from the public sector late in the quarter that ended Oct. 30. That outlook by the biggest manufacturer of routers and switches sparked a sell-off in the company's shares.
Chambers said he had spent the last 45 days inspecting the overall business to figure out what had gone wrong. Cisco's enterprise and commercial business was solid, he said, although state and local governments had cut back on spending and cable service providers ordered fewer set-top boxes.
He also said expenses were coming down. (Reporting by Ritsuko Ando; Editing by Steve Orlofsky)