Cisco's Longtime CFO Is Retiring

Kelly Kramer, who has served in key finance roles at Cisco since 2012, is retiring.
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Cisco's longtime CFO is leaving, the company announced on its fiscal fourth-quarter earnings call. 

Cisco CEO Chuck Robbins announced on the call that CFO Kelly Kramer is retiring  after eight years with the company. Kramer joined Cisco in 2012, and in 2015 was promoted to CFO. 

Robbins said that Kramer will stay on board to help with the search for a replacement, and continue in the role of CFO until a successor is identified. 

Cisco  (CSCO) - Get Report shares were down 6.7% in after-hours trading after the networking giant reported mixed results, and an earnings outlook that fell short of expectations. 

The company narrowly beat revenue estimates for the fiscal fourth quarter, reporting $12.2 billion in revenue, down 9% year-over-year and modestly higher than an analyst consensus of $12.09 billion. Its GAAP profit of 62 cents per share missed a consensus of 65 cents. 

Quarterly revenue fell across all regions and most product segments, amid supply chain disruptions and shaky product demand tied to COVID-19. 

Cisco's Product revenue was down 13%, and service revenue was flat. Infrastructure Platforms revenue fell 16% and Applications revenue fell 9%, while Security revenue grew 10%.  

By geographic segment, Americas revenue fell 12%, EMEA (Europe, Middle East and Africa) revenue fell 6%, and APJC (Asia-Pacific, Japan and China) revenue fell 7%.

For the current quarter, Cisco's fiscal Q1 2021, the company guided for a 9% to 11% drop in revenue, and for adjusted earnings between 69 cents and 71 cents per share, below analyst consensus estimates for 75 cents a share. 

Cisco shares were roughly flat year to date heading into earnings.