Cisco Systems Inc. eked out higher revenue than analysts expected for the company’s first fiscal quarter, but soft guidance for the upcoming quarter spooked after-hours investors.
Cisco on Wednesday reported $12.25 billion in revenue, up from $12.09 billion a year ago, just above what Wall Street was seeking. Still, the tech giant’s net income fell to $1.83 billion from $2 billion a year ago due to a restructuring charge and other items, for returns of 35 cents per share. Cisco, for its part, is touting results of 54-cents-per-share results, achieved when excluding layoff costs and other factors.
However, the overall numbers, and the forecast of a smaller-than-expected revenue increase, had investors shying away from the company in after-hours trading. Shares of Cisco closed 4 cents lower on Wednesday, at $25.11, and were down 1.39 percent after hours.
Meantime, Frank Calderoni, executive vice president and CFO, is stepping down as of Jan. 1. Cisco plans to replace him with Kelly Kramer, who serves as senior vice president of business technology and operations finance.