Cramer: 'Open rebellion' among Cisco investors
Chastising tech giant Cisco for not pre-announcing its disappointing quarterly earnings and for its global losses, CNBC's Jim Cramer said Thursday that "open rebellion" was brewing among its investors.
"This was the worst quarter for any Dow stock this year," Cramer said on "Squawk on the Street,"
Cramer added: "Go to the conference call—open rebellion is beginning."
Shares of Cisco dipped in premarket trading Thursday, dropping 12.8 percent to $20.92. The company's first quarter-profit beat analyst's predictions by 2 cents per share, and revenue rose 2 percent as well, but not enough to beat expectations.
Citing the company's losses from around the globe, Cramer said Cisco CEO John T. Chambers "has lost control of the company." Cramer added that his charitable trust was selling its position in Cisco.
Chambers told CNBC on Wednesday that emerging markets were "a little more challenging than we anticipated and others anticipated."
Brian Marshall, an analyst with ISI Group, told CNBC on Wednesday that he plans on keeping his "neutral" rating for the stock, despite what he called "atrocious" guidance on revenue growth.
Marshall said Wall Street expected 4 percent revenue growth, and Cisco officials had forecast up to 10 percent declines in revenue for the January quarter.
"To put it bluntly, this was an ugly quarter," Marshall said, adding: "If there's any silver lining, I would say they're preserving their margins pretty well."
Asked about the stock earlier on Thursday during "Squawk Box," Cramer had a curt reply: "Abomination."
On Thursday, Cisco shares closed down nearly 11 percent to $21.37.
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—By CNBC's Jeff Morganteen. Follow him on Twitter at
@jmorganteen and get the latest stories from "Squawk on the Street." The Associated Press contributed to this report.