A weak earnings report from Intel depressed The VAR Guy today. But then two pieces of info made him feel a little better. First, Tech Data delivered a cautiously optimistic earnings outlook. Then, Cisco CEO John Chambers offered some comforting words to financial conference attendees.
According to Fortune Magazine:
Chambers said he is now “even more comfortable” with the company’s long-term growth targets than he was when he spoke following last month’s quarterly earnings report.
The magazine went on to report:
The comments, which came during a presentation to investors at a Morgan Stanley Technology Conference Tuesday, helped relieve some of the concerns tech investors were left with the last time Chambers offered a forecast. Back in February, Chambers cut the current quarter’s sales growth guidance to 10%, disappointing Wall Street analysts who were looking for 15% year-over-year sales growth. Cisco has said it expects to see its sales rise 12%-17% annually over the long haul.
Yes, John’s words can still move markets. His perspective, coupled with some timely thoughts from Tech Data’s CEO, suggest that the tech market is relatively healthy amid the uneven US economy and the horrific US housing market.
Read More About This Topic
Share This Post
Interact: Add a Comment | Trackback Link | Permalink
Subscribe: RSS Feed
