Cisco Systems (NASDAQ: CSCO) posted record revenue and earnings, but its stock still fell 9.3% after reporting shrinking gross margins due to rising memory costs.
The company's gross margin was squeezed by soaring memory chip prices and a less lucrative hardware sales mix.
As a result, Cisco subtracted about 68 points from the Dow Jones Industrial Average (DJI) and roughly $41 billion in market value.
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