Cisco Systems Inc. Chief Executive Officer John Chambers abandoned a four-year-old forecast for annual sales growth of 12 percent to 17 percent as weak demand and price pressure force him to cut jobs and exit businesses.

Revenue at San Jose, California-based Cisco, the largest maker of networking equipment, will grow no more than 2 percent this quarter, the company said yesterday on a conference call. Analysts on average expected 7 percent sales growth, according to a Bloomberg survey.