Cisco gives lackluster sales forecast amid trade-dispute worries

Cisco shares declined 6.2 per cent to $47.50 at 9:36 am in New York, rebounding from an earlier 8 per cent drop, the biggest intraday fall since May 2017

Cisco Systems declined the most intraday in more than two years after the company gave a lackluster sales forecast, indicating the U.S.-China trade dispute and a slowing global economy are leading customers to delay updates of their computer networks.

Chief Executive Officer Chuck Robbins is trying to turn Cisco into more of a software and services company, but the transformation is being stymied by the trade war and its impact on corporate spending. The company still gets the majority of sales from machines that are the backbone of the internet, making it an economic bellwether. The CEO said some customers are