CSCO stock dropped 8% in Thursday’s trading after Cisco Systems Inc (NASDAQ:CSCO) gave uninspiring sales and profit projections below Wall Street estimates. The company indicated that the expected US trade tariffs and the snubbing of the company’s gear by Chinese customers are weighing on its business.
US-China Trade Tensions Hurting Sales in ChinaCompany executives stated that sales in China have dropped 25%, and the Chinese state-owned enterprises have stopped taking bids from the company. In a conference call to investors, Cisco CEO Chuck Robbins said that they were not even allowed to participate anymore. Robbins ...
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