Cisco says CFO Scott Herren is leaving, company reports earnings beat

Chuck Robbins, the Chairman and CEO of Cisco, delivered a keynote address at the Cisco Live! conference in Las Vegas on June 7, 2023. The company announced better-than-expected earnings and revenue results, surpassing analysts’ estimates. Cisco reported adjusted earnings per share of 96 cents compared to the expected 92 cents, and revenue of $14.15 billion exceeding the $14.08 billion forecast.

The company saw an 11% increase in revenue during the quarter ending on April 26, reaching $12.7 billion compared to the previous year. Net income also rose to $2.49 billion, or 62 cents per share, from $1.89 billion, or 46 cents per share, in the previous year. CEO Chuck Robbins acknowledged the uncertain macroeconomic environment during a call with analysts.

Cisco’s CFO, Scott Herren, is set to retire on July 26, with Mark Patterson, the company’s chief strategy officer, succeeding him. The company provided a guidance range for fiscal 2025, forecasting earnings per share between 96 cents to 98 cents on revenue of $14.5 billion to $14.7 billion. This guidance takes into account the potential impact of tariffs on imported goods imposed by President Donald Trump.

Despite the tariff concerns, Cisco reported over $600 million in artificial intelligence infrastructure orders from web companies, exceeding expectations. The company also introduced a Webex agent for customer service during the quarter and announced Ethernet switches containing AMD Pensando data processing units. Networking revenue increased by 8% to $7.07 billion, while revenue from security products surged by 54% to $2.01 billion.

Jeetu Patel, Cisco’s executive vice president and chief product officer, has been promoted to the position of president and chief product officer. Cisco shares closed up 3.5% for the year, outperforming the S&P 500 index.