Cisco fell more than 6% in premarket trading as it forecasted downbeat profit

Cisco fell more than 6% in premarket trading as it forecasted downbeat profit. The financial report showed that Cisco's net revenue in the fiscal quarter was 12.9 billion US dollars, compared with 11.9 billion US dollars in the same period last year, an increase of 8% year-on-year;Net profit was US $3 billion, compared with US $2.2 billion in the same period last year, an increase of 37% year-on-year.

The company faced a "very dynamic supply environment" in the quarter, Chief Executive Officer Chuck Robbins said in a statement.

Cisco expected second-quarter revenue to grow 4.5% to 6.5% year-over-year, compared with Wall Street expectations of about 7.4% increase.