Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
(Adds details, share movement, background)
Aug 14 (Reuters) - Cisco Systems Inc forecast current-quarter profit below Wall Street estimates on Wednesday as it struggles to transition to a software-focused company from its traditional business of selling routers and switches, sending shares down 7% in extended trading.
Since taking the helm in July 2015, Chief Executive Officer Chuck Robbins has added muscle to the hardware giant's growth areas such as the cloud, Internet of Things and cybersecurity through acquisitions.
The network gear maker said it expects first-quarter revenue growth of between 0% and 2%. This implies a range of between $13.07 billion and $13.33 billion, while analysts forecast revenue of $13.40 billion, according to IBES data from Refinitiv.
It expects adjusted earnings of 80 cents to 82 cents per share in the first quarter of 2020, below analysts' estimates of 83 cents.
Net income fell to $2.21 billion, or 51 cents per share, in the fourth quarter ended July 27 from $3.80 billion, or 81 cents per share, a year earlier.
Excluding items, it earned 83 cents, above estimates of 82 cents.
Total revenue rose 4.5% to $13.43 billion, above the average analyst estimate of $13.39 billion.
(Reporting by Sayanti Chakraborty in Bengaluru; Editing by Arun Koyyur)