Cisco crashes to 18-month low

Cisco Systems Inc shares has crashed to an 18-month low.

The company had warned of persisting shortages in components, signaling exports could suffer due to China’s COVID restrictions and the Ukraine crisis.

Shares of the company, which lowered its full-year growth forecast, were down about 13% at $42.4 and dragged peers Juniper Networks, F5 Inc and Arista Networks down 1% to 3.1% in early trade.

Cisco has a backlog of $15 billion in products, including $2 billion in software, a record value of orders that are yet to be delivered to customers. The company said cancellation rates were lower than pre-pandemic times.

Cisco took a $200 million hit after ceasing operations in Russia and Belarus last quarter and forecast a decrease of 1% to 5.5% in current-quarter revenue, partly due to slower imports of key components from China.