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
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