Cisco Systems Inc Chief Executive John Chambers will step down in July after 20 years at the helm of the network equipment maker, a symbol of the dot.com stock boom 15 years ago now struggling to boost its bottom line in the era of cloud computing.
Wall Street was poised to open higher on Monday ahead of data that is expected to show demand for U.S. factory orders rose in March, signaling that the manufacturing sector is strengthening despite a stronger dollar.
Cisco reported Q1 results that beat expectations. Orders in the Americas were up 2% from the prior year, hurt by federal demand, while enterprise and service provider businesses were up 9% and 13%, respectively.
Cisco Systems Inc., the biggest maker of computer-networking equipment, reported quarterly profit and sales that topped analysts’ estimates as job cuts kept costs in check and price reductions attracted customers.