Cisco Systems Shares Rise As Results Top Forecasts

Cisco Systems Inc. on Wednesday reported a fiscal first-quarter profit of 35 cents a share, on revenue of $12.2 billion, compared with earnings of 37 cents a share on $12.1 billion in sales a year ago. Excluding one-time items, the networking-technology company earned 54 cents a share. Analysts surveyed by FactSet had forecast Cisco to earn 53 cents a share on $12.17 billion in sales for the quarter ended in October. Cisco also said that Kelly Kramer would replace Frank Calderoni as the company's chief financial officer when Calderoni retires at the end of the year. Cisco shares rose almost 2% in after-hours trading following the release of its results.

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