Networking giant Cisco beat Wall Street expectations on earnings and revenue in its latest earnings report Wednesday. However, the company also disclosed its chief financial officer is leaving.
Cisco (Nasdaq: CSCO) operates one of its largest corporate campuses in RTP with more than 4,000 workers.
Layoffs recently hit more than 200, or some 5 percent of its local work force.
After the markets closed Wednesday, Cisco said CFO Frank Calderoni would leave the company at the end of the year.
The new CFO will be Kelly Kramer, who now is senior vice president for Business Technology and Operations Finance.
Cisco reported earnings of 54 cents per share, which topped expectations by one cent, according to Business Insider.
Revenue of $12.24 billion was higher than the forecast of $12.16 billion.
Cisco reported earnings on Wednesday and it’s a beat on revenue and profits.
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 Chairman and 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,” he added.
“We continue to make progress towards becoming the #1 IT company in the world. We are still in a tough environment, but seeing encouraging trends as cities, businesses, governments and schools are becoming more digitized. Our solutions continue to drive positive outcomes and enable productivity through the combination of collaboration, mobility, security and efficiency across our customers’ businesses.”
