Cisco chief sees no spending recovery this year

In a move that resulted in some analysts cutting their forecasts for the company, as well as one that caused some tremors in its stock price, Cisco chief John Chambers has publicly voiced his opinion on the outlook for the technology sector. In a nutshell, Chambers "no longer" expects the recent slowdown in tech spending to recover, at least not until 2009. Where Cisco is concerned, no specific outlook was provided in terms of sales growth, though Chambers apparently said that most Cisco customers "won't ramp up spending until early next year." Chambers' remarks come at a time when the economy continues to stagger under record fuel prices and an ongoing housing slump.

For more on Cisco's outlook at tech spending this year:
- check out this CNNMoney article