Cisco 1Q earnings top estimates

Earnings HQ: FBN's Cheryl Casone breaks down CSCO's first-quarter earnings report.

Cisco Posts Fiscal 1Q Beat, CFO to Step Down

Earnings Reuters

Network equipment maker Cisco Systems Inc (CSCO) reported better-than-expected first-quarter revenue, helped by higher orders for its new high-end routers and switches.

Continue Reading Below

Cisco's shares were up 2.1 percent at $25.64 in extended trading.

"We are still in a tough environment, but seeing encouraging trends as cities, businesses, governments and schools are becoming more digitized," Chief Executive John Chambers said in a statement.

Cisco also said it plans to appoint senior vice president Kelly Kramer as Chief Financial Officer. Current CFO Frank Calderoni had said he will step down effective Jan. 1.

Revenue in the company's larger product business rose marginally to $9.44 billion in the quarter ended Oct. 25 from $9.40 billion a year earlier.

Total revenue rose to $12.25 billion from $12.09 billion.

Continue Reading Below

Net profit fell to $1.83 billion, or 35 cents per share, from $2 billion, or 37 cents per share, a year earlier.

On an adjusted basis, the company earned 54 cents per share.

Analysts had expected a profit of 52 cents per share on revenue of $12.16 billion, according to Thomson Reuters I/B/E/S.

(Reporting By Lehar Maan and Soham Chatterjee in Bangalore; Editing by Sriraj Kalluvila and Don Sebastian)

What do you think?

Click the button below to comment on this article.