Cisco Surges On Revenue Growth as Finance Chief Steps Down

NEW YORK (TheStreet) –– Cisco shares rose in after-hours after the networking equipment giant posted fiscal first quarter results that were better than expected. San Jose-based Cisco earned 54 cents on an adjusted basis on $12.25 billion, as revenue rose 1% year over year. Analysts surveyed by Thomson Reuters expected the the company to earn 53 cents a share on $12.16 billion in revenue. "We are pleased with our results and are very comfortable in our strategy to deliver innovative solutions which enable the next generation of IT and the Internet of Everything," Cisco CEO John Chambers said in a statement. "This was our strongest Q1 ever in terms of revenue, non-GAAP operating income, and non-GAAP EPS. We are still in a tough environment, but seeing encouraging trends as cities, businesses, governments and schools are becoming more digitized." Shares were gaining 1.7% in after-hours to $25.54, after falling in the regular trading session. The company also noted that CFO Frank Calderoni would be stepping down, effective Jan. 1, 2015. Taking his place will be Kelly A. Kramer, who is currently senior vice president, Business Technology and Operations Finance of Cisco. "We had a solid quarter delivering results for Q1 consistent with our expectations," Calderoni said in the press release. "Our strong cash flow, balance sheet, and ongoing commitment to return capital to shareholders demonstrates the strength of our financial strategy." The company generated $2.5 billion in cash flow from oeprations in the first quarter, down from $2.6 billion in the fiscal fourth quarter, but up from $2.6 billion in the fiscal first quarter of 2014. Cisco ended the quarter with approximately $52.1 billion in cash and cash equivalents, the same as it ended fiscal 2014 with. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia // 0;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); // ]]>

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