Cisco posts smaller-than-expected drop in quarterly revenue, shares rise

Cisco Systems Inc on Thursday reported a smaller-than-expected drop in first-quarter revenue as more people working from home during the COVID-19 pandemic drove demand for its teleconferencing tools, networking equipment and cybersecurity products.

Shares of the telecom equipment maker, which also said Scott Herren will succeed Kelly Kramer as chief financial officer starting Dec. 18, surged nearly 9% in extended trading.