Jim Cramer Applauds Cisco CEO For Going On Air On A Down Stock Day

Credit: The Street
Published on November 14, 2019 - Duration: 01:58s

Jim Cramer Applauds Cisco CEO For Going On Air On A Down Stock Day

On the floor of the New York Stock Exchange, Jim Cramer tells TheStreet's Katherine Ross that he's glad he got to speak with Cisco CEO Chuck Robbins on CNBC earlier today.

"I was sensitive to the fact that he came on air, because I'm sure a lot of CEOs on a day when the stock is down would find something else they had to do," said Cramer.

Cisco posted stronger-than-expected first-quarter earnings but said uncertain conditions would hit client orders in the months ahead.

Cisco said earnings for the three months ending in September, the group's fiscal first quarter, came in at 84 cents per share, up 12% from the same period last year and four cents ahead of the Street consensus forecast.

Group revenues also surprised, rising 1% to $13.2 billion and topping analysts' estimates of a $13.08 billion tally.

However, Cisco provided current-quarter guidance that missed Wall Street forecasts, with an earnings estimate in the region of 75 cents to 77 cents per share on implied revenues of between $11.8 billion and $12.1 billion are orders declined in what Chuck Robbins called "a challenging macro environment." "Cisco's become a very episodic company, a hit or miss player," said Cramer.

Overall, Robbins said larger customers are pausing their spending due to macroeconomic uncertainties.

For more of Jim Cramer's take on Cisco, watch the video above.

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