Cisco Systems Inc. reported another revenue decline and soft earnings guidance for the current quarter Wednesday afternoon, then announced that its chief financial officer will retire as shares were pummeled in after-hours trading.
First-quarter adjusted earnings guidance of 69 cents to 71 cents fell short of the 75 cents modeled by FactSet analysts. Cisco also warned that Q1 revenue will decline 9% to 11% year-over-year. Kramer instead said “it’s just time” after 30 years in the business and six years as Cisco’s CFO, and that she looks forward to “more board work and investing.”
Cisco is both benefiting and suffering in the age of coronavirus: Hardware sales are being squeezed during the pandemic, while demand for Cisco tools and services that aid remote work, such as Webex, has surged. Executives pointed out Wednesday that the majority of Cisco’s revenue — 51% — came from software and services in the 2020 fiscal year, the first time they have has passed that mark.
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