Cisco beats earnings estimates in first quarter, unveils new CFO
Cisco Systems Inc (NASDAQ:CSCO) has reported first quarter earnings ahead of market estimates, however, revenues fell as infrastructure sales declines weighed on the firm.
The videoconferencing, network and security services group reported adjusted earnings of US$0.76 per share for the quarter, above estimates of US$0.70 but down from US$0.84 a year ago. Revenues fell to US$11.9bn from US$13.2bn, although this was also ahead of forecasts of US$11.8bn.
The fall in revenue was partially offset by a 6% rise in security sales, making up for a 16% decline in infrastructure.
Looking ahead, Cisco said it expects to report earnings of US$0.74-US$0.76 per share for its second quarter on revenues of between US$11.36-US$12bn.
Meanwhile, the company also said it has appointed R. Scott Herren as its new chief financial officer, effective December 18. Herren previously served as CFO of software group Autodesk Inc (NASDAQ:ADSK) and will replace Kell Kramer, who is retiring.
Announcing the CFO departure in its last earnings report, Cisco also unveiled plans to undergo a US$1bn cost reduction over the following quarters, with US$602mln of restructuring charges in the first quarter and another US$298mln expected in the second.
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/933897/cisco-beats-earnings-estimates-in-first-quarter-unveils-new-cfo-933897.html
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