Cisco's first-quarter forecast disappoints, shares fall

Cisco expects current-quarter revenue to drop between 9% and 11% from last year, implying a range of between $11.71 billion and $11.97 billion, while analysts were expecting $12.25 billion.The pandemic has forced some of its clients, particularly in the hard-hit sectors such as retail, to pause on big spending to conserve cash, piling more pressure on Cisco's core business of selling routers and switches.Excluding items, Cisco earned 80 cents per share in the quarter, beating estimates of 74 cen