Cisco Q1 Results Top Estimates; CFO To Step Down

(RTTNews) - Cisco Systems, Inc. (CSCO) reported net income for the first quarter of $1.8 billion or $0.35 per share, compared to $2.0 billion or $0.37 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $2.8 billion or $0.54 per share, compared to $2.9 billion or $0.53 per share in the prior year quarter.

Revenue for the first quarter rose 1.3% to $12.25 billion from $12.09 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.53 per share on revenue of $12.16 billion for the first quarter. Analyst' estimates typically exclude special items.

Cisco also said that Frank Calderoni recently notified the company of his decision to step down as executive vice president and chief financial officer, effective January 1, 2015.

The company said it plans to appoint Kelly Kramer to succeed Calderoni. She is currently senior vice president, Business Technology and Operations Finance of Cisco.