NEW YORK (TheStreet) -- John Chambers, long-time CEO of Cisco Systems (CSCO), delivered his final earnings call Wednesday after the market close. And like the confident CEO he has always been, he reminded investors that he's leaving the company in much better shape than when he assumed the role two decades ago.
"As 50 million more devices come online, we have a strong hand to play, and we are playing," Chamber said, referring to the Internet-of-Things (IoT) -- Cisco's next growth opportunity.
Cisco stock closed Wednesday at $29.35, up 0.41%, ahead of its fiscal third-quarter results. The shares are up 5.52% on the year, besting the broader market. And even though the shares are up almost 30% in the past twelve months, concerns remain about "what's next?" That's something Chambers has long addressed -- that is, if you've been paying attention.
Jim Cramer pays attention. In a recent commentary he noted, "Cisco's doing terrifically in what arguably is a very tough moment for pretty much every international -- chiefly emerging -- market that it has dominated." Cisco is a holding in Cramer's charitable trust, Action Alerts PLUS.
Granted, the San Jose, California-based firm is no longer achieving the sort of growth rate it managed when it dominated the tech landscape as the world's largest company. Still, Chambers has invested most of the past three years positioning Cisco to secure its place in the Internet-of-Things, which research firm IDC estimates to be a $1.7 trillion market in 2015. Nearly 15 billion devices will be connected, predicts IDC.