Cisco outlook underwhelms, economy fears persist (Reuters) - Cisco Systems Inc (CSCO.O) forecast quarterly earnings below Wall Street's expectations, accentuating concerns about global technology spending and the network equipment maker's ability to weather persistent economic weakness. Shares in the company, which relies on government and corporate spending on Internet gear, slid more than 8 percent after hours, despite beating analysts' third-quarter earnings estimates by a penny. The company, which Chief Executive John Chambers a year ago admitted had "lost its way" after several quarters of sub-par growth, forecast revenue growth of 2 to 5 percent in the fourth quarter. Chambers acknowledged that it was it was "really hard to read" what would happen in the second half the year but added that customers have said their plans were to spend more in that period. "However, in the very next sentence they said we are waiting to see what happens in Europe and what happens with government policy," Chambers said, adding that customers had grown more conservative. Recession in the euro zone is forecast to last until the third quarter before modest growth returns, a Reuters survey showed, but the median outlook masks a wide spread of opinion, with bears forecasting contraction out to late 2013. Shares in Cisco, whose rivals include Hewlett-Packard Co (HPQ.N) and Juniper Networks (JNPR.N), slid to $17.23 in extended trading from a close of $18.78 on Nasdaq. In its Europe, Middle East and Africa region, revenue rose just 4.6 percent, while Americas revenue was up an even more anemic 3.2 percent from a year earlier. Product orders in the Americas grew 5 percent year-over-year. Overall product orders in Europe, the Middle East and Africa were flat although they grew 12 percent in emerging markets in that region. That includes Russia, where orders were up 22 percent. Reporting By Nicola Leske in Las Vegas, additional reporting by Jim Finkle in Boston; Editing by Richard Chang, Paul Tait and Jonathan Hopfner