Cisco Systems Beats Expectations As New CEO Takes Reins

Cisco Systems beat analysts' expectations for earnings and sales while welcoming Chuck Robbins to the helm. The networking giant reported fiscal fourth quarter net income of $2.3 billion, or 45 cents a share, on sales of $12.84 billion; after adjustments, Cisco claimed earnings of 59 cents a share. Analysts expected Cisco to report adjusted earnings of 56 cents a share on sales of $12.66 billion, according to a FactSet survey. "These strong results show what we are capable of when we're focused," said Chief Executive Robbins, who took over the CEO role from John Chambers on July 26. Cisco stock gained about 2% in the extended session after closing with a 0.4% loss at $27.90.