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Cisco CEO John Chambers appears to have knowingly lyed to Wall Street
Sun, 12/5/10 - 11:59pm    View comments

Cisco CEO John Chambers

During Cisco's Q1 FY'11 earnings conference call (view transcript), Cisco CEO John Chambers specifically and very emphatically stated to Wall Street analysts and the investing public:

"Consumer was flat year-over-year."

However, 13-days after Cisco's Q1 FY'11 earnings call, Cisco filed its Form 10-Q (page 35) with the U.S. Securities and Exchange Commission which specifically and very emphatically states:

"Our consumer market experienced a sales decline on a year-over-year basis for the first quarter of fiscal 2011."

Alarmingly in my opinion, the press published John Chambers' Q1 FY'11 earnings conference call statement, for example, The Register reported:

"Sales to smaller companies were up 13 per cent, and consumer sales were flat."

And in another example, Computer Reseller News (CRN) reported:

"Non-public sector enterprise sales grew 16 percent, and commercial, or midmarket and SMB sales, grew 13 percent. Consumer sales were flat."

So did Cisco CEO John Chambers knowingly tell a lie to Wall Street?

The answer is no!

The press was confused, because during the earnings call when John Chambers stated:

"Consumer was flat year-over-year," Chambers was referring to "order growth", not sales or revenue.

What's your take?

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