Cisco Systems Inc. posted stronger-than-expected first-quarter results on Wednesday. It also announced that its chief financial officer will step down.
The seller of routers, switches, software and services said its net income totaled $1.83 billion, or 35 cents per share. Cisco said it earned 54 cents per share if one-time costs are excluded. The San Jose, California, company reported $12.25 billion in revenue.
The results topped Wall Street expectations, as Zacks Investment Research says analysts expected net income of 53 cents per share and $12.16 billion in revenue.
Cisco's fiscal first quarter ended on Oct. 25. A year ago it earned $2 billion, or 37 cents a share, on $12.09 billion in revenue.
The company also said CFO Frank Calderoni will step down Jan. 1. Calderoni has been Cisco's CFO since February 2008, and he has been with the company since May 2004. He will be replaced by Kelly Kramer, who is currently in charge of the company's business technology and operations finance.
On Wednesday Cisco shares slipped 4 cents to close Wednesday at $25.11 before the release of the earnings report. They fell 22 cents to $24.89 in aftermarket trading.
The stock is up 12 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 10 percent. It has gained 6 percent over last 12 months.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research. CSCO stock research report from Zacks.
Keywords:Cisco Systems,Earnings Report