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Alibaba stock slides 11% on revenue miss, lower guidance

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Why Cisco Stock Dropped Today

Shares of Cisco Systems (NASDAQ: CSCO) fell 5.5% on Thursday after the company warned investors that supply chain challenges were weighing on its sales and profits. Cisco’s revenue rose 8% year over year to $12.9 billion in its fiscal 2022 first quarter, driven in part by 10% growth in its networks business and 46% growth in its internet for the future operations, which center on network innovations. “In Q1, we had robust growth and continued strong demand despite the very dynamic supply environment,” CEO Chuck Robbins said in a press release.

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