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Cisco’s security business revenue misses estimates, shares drop

(Reuters) – Cisco Systems Inc’s (CSCO.O1) quarterly revenue in its closely-watched security business missed analysts’ estimates, raising concerns about the world’s largest networking gear maker’s efforts to transform into a software-focused company.

The company’s shares fell about 2.5 percent in after-hours trading on Wednesday.

With its traditional business of making switches and routers struggling, Cisco, like other legacy technology firms, has been focusing on high-growth areas such as security, the Internet of Things and cloud computing.

The security business, which offers firewall protection and breach detection systems, has been Cisco’s fastest growing, until the last two quarter.

Revenue growth at the business slowed to 3 percent in the latest fourth quarter from 16 percent a year earlier and 9 percent in the previous quarter.

Chief Executive Chuck Robbins, the architect of Cisco’s transformation plan, said he had “zero concerns” about the security business, while Chief Financial Officer Kelly Kramer forecast an uptick in revenue in the next quarter.

Analyst Patrick Moorhead of Moor Insights & Strategy said the next two quarter would indicate the health of the security business.

“I’m not concerned yet with Cisco’s security numbers as many of their security innovations are linked to other businesses like switching,” he said.

Cisco’s switches and routers businesses easily its two biggest have been struggling due to sluggish demand from telecom carriers and enterprise customers.

Revenue in each of the two businesses fell 9 percent in the quarter, missing analysts’ expectations, according to financial and data analytics firm FactSet.

While security business revenue of $558 million fell short of analysts estimates of $580.5 million, according to FactSet, Cisco’s overall revenue was supported by its data center business and wireless business, which is now is fastest growing.

Cisco’s overall revenue fell for the seventh straight quarter, but the near 4 percent decline to $12.13 billion was in line analysts’ estimates of $12.1 billion, according to Thomson Reuters I/B/E/S.

Cisco’s net income fell 13.8 percent to $2.42 billion, or 48 cents per share .

Excluding one-time items, it earned 61 cents per share, matching analysts’ estimates.

The company expects revenue to fall 1 percent to 3 percent in the current quarter .

That was in line with Wall Street’s expectations, as was Cisco’s adjusted earnings forecast.

Cisco’s stock has gained about 7 percent so far this year, well below the near 24 percent gain in the S&P 500 technology index .SPLRCT and a 10.2 percent increase in the S&P 500 .SPX2.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D’Souza

References

  1. ^ CSCO.O (uk.reuters.com)
  2. ^ .SPX (uk.reuters.com)

Security for Trump’s summer visit ruffles tranquil New Jersey town

BEDMINSTER, N.J. (Reuters) – Three military helicopters hovered over Anne Choi’s backyard, engaged in what appeared to be a drill ahead of President Donald Trump’s visit three weeks ago to this tranquil town of farmland and horse barns in rural New Jersey.

“My sheep were terrified,” Choi, 44, said on Thursday inside her two-story barn a mile east of Trump National Golf Club, as half a dozen Shetland sheep grazed outside. “It’s awful . We don’t have the infrastructure here . We can’t support the weight of his presence.”

As Bedminster prepared this week for the president’s latest trip to the 600-acre (240-hectare) private club, a 17-day stay that is his first extended vacation in office, some of the town’s 8,000 residents expressed frustration at the security protocols, road closures and daily disruption that will begin with his arrival on Friday.

On Wednesday, the U.S .

Secret Service said safety measures would also include a “tethered drone,” equipped with optical and infrared cameras and powered by a wire attached to a ground controller, that could impede on the privacy of nearby residences.

“It’s super creepy,” said Julie Henderson, an artist who lives down the road from Trump National, as two military helicopters roared overhead before circling and heading back towards the golf club.

The Secret Service said the drone would focus primarily on the outer perimeter and would not “physically intrude upon or disturb the use of private property outside the Trump National Golf Course.”

Trump’s movements can also lead to the closure of local roads and highways . Julie Henderson’s husband, Paul Henderson, said he has twice been stuck on an Interstate on his way to work while Trump’s motorcade used the highway.

Not everyone in this town about 40 miles (60 km) west of New York City agrees Trump’s visit will be a nuisance . Steve Desiderio, who owns a restaurant and catering business in Bedminster’s modest downtown, said the influx of federal agents and journalists would be a welcome boost to his business.

Desiderio, a 48-year-old Trump supporter, added that complaints about the disruption were overblown and media-driven.

“It’s just fake news,” he said, echoing one of the president’s favourite phrases. “They try to spin it like it’s gridlock . So there are five more cars at the stoplight?”

FILE PHOTO -U.S . President Donald Trump departs in his motorcade after a weekend at his golf estate in Bedminster, New Jersey, U.S . May 7, 2017.Jonathan Ernst/File Photo

Bedminster’s Republican mayor, Steven Parker, also brushed off the criticism.

“It’s really been a big non-event,” he said.

Some residents said Trump has been a generous neighbour in past years, allowing local events to be hosted at his club . As in previous years, the township committee held its annual reorganization meeting in 2017 at Trump National, where Parker was selected to continue as mayor.

While Trump’s visit may help the town’s eateries, it will shut down the local airport, where 110 private planes and 60 flight school students will be grounded from Aug .

4 to Aug .

20.

“Our summertime is our busiest time,” said Somerset Airport President Chris Walker, as a Coast Guard helicopter landed on the runway in preparation for the weekend. “We’re just rolling with the punches.”

About half of the planes were being moved to other airports outside the 10-mile (16-km) no-fly zone, Stewart said . Some workers will be sent home until Trump returns to Washington.

Trump has also drawn local protesters, both for and against him . Anti-Trump activists have been staging a weekly “People’s Motorcade,” driving slowly down the road past Trump National and honking their horns.

The town’s administrator, Judith Sullivan, said they were more of a distraction for her 16-member police department than the president, though they have largely been well behaved.

She hopes to recoup the $30,000 in overtime for officers working during Trump’s visit from the U.S .

government.

Choi, who moved to Bedminster from Maryland two years ago, said she likely would not have chosen her house had she known the “summer White House” would be only a mile away.

“Even if you agree with his politics, I think we can all agree that this is not what we bargained for,” she said.

Reporting by Joseph Ax; Editing by Jonathan Oatis

Hamburg attacker was known to security forces as Islamist

HAMBURG (Reuters) – The migrant who killed one person and injured six others in a knife attack in a Hamburg supermarket on Friday was an Islamist known to German security forces, who say they believed he posed no immediate threat, the city-state’s interior minister said on Saturday.

A possible security lapse in a second deadly militant attack in less than a year, and two months before the general election, would be highly embarrassing for German intelligence, especially since security is a main theme in the Sept .

24 vote.

A Tunisian failed asylum seeker killed 12 people by driving a truck into a Christmas market in Berlin in December, slipping through the net after intelligence officers who had monitored him reached the conclusion he was no threat.

Hamburg Interior Minister Andy Grote told a news conference on Saturday that Friday’s 26-year-old attacker was registered in intelligence systems as an Islamist but not as a jihadist, as there was no evidence to link him to an imminent attack.

He also said the attacker, a Palestinian asylum seeker who could not be deported as he lacked identification documents, was psychologically unstable.

The Palestinian mission in Berlin had agreed to issue him with documents and he had agreed to leave Germany once these were ready, a process that takes a few months.

Security forces and ambulances are seen after a knife attack in a supermarket in Hamburg, Germany, July 28, 2017.Morris Mac Matzen

“What we can say of the motive of the attacker at the moment is that on the one side there are indications that he acted based on religious Islamist motives, and on the other hand there are indications of psychological instability,” Grote said.

“The attacker was known to security forces . There was information that he had been radicalised,” he said.

Police investigators work at the crime scene after a knife attack in a supermarket in Hamburg, Germany, July 28, 2017.Morris Mac Matzen

“As far as we know .. . there were no grounds to assess him as an immediate danger .

He was a suspected Islamist and was recorded as such in the appropriate systems, not as a jihadist but as an Islamist.”

Prosecutors said the attacker pulled a 20-centimetre knife from a shelf at the supermarket and stabbed three people inside and four outside before passers-by threw chairs and other objects at him, allowing police to arrest him.

A 50-year-old man died of his injuries . None of the other six people injured in the attack is in a life-threatening condition.

Chancellor Angela Merkel is seeking a fourth term in office in September . Her decision in 2015 to open Germany’s doors to more than one million migrants has sparked a debate about the need to spend more on policing and security.

Tunisian asylum seeker Anis Amri, who could not be deported because he lacked identification documents, carried out his attack at a Christmas market in Berlin in December after security agencies stopped monitoring him because they could not prove suspicions that he was planning to purchase weapons.

Reporting by Frank Witte in Hamburg; Writing by Joseph Nasr in Berlin; Editing by Andrew Bolton