"Cisco CEO Blames Light Forecast on Cautious Customers and Inventory Consumption Issue"

Cisco CEO Chuck Robbins attributes the company's light forecast to cautious customers, an inventory consumption issue, and continued weakness in demand from telecommunications and cable service provider clients. The company also announced a 5% reduction in its workforce, or about 4,000 jobs, and its shares dipped as much as 9% in extended trading. Despite the challenges, Robbins expressed confidence that the inventory issue would be resolved by the end of 2024 and remains hopeful for better times ahead.