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Networking giant Cisco Systems reported its first quarter with CEO Chuck Robbins at the helm, since the retirement of long-time CEO John Chambers. And while the stock has been stalled recently, Jim Cramer thinks that the company is moving in the right direction.
"After looking over Cisco's results today, it seems that the company's strategy is working, and Chuck Robbins is clearly able to execute, delivering a strong quarter right out of the gate," the "Mad Money" host said.
Cisco reported a 3-cent earnings beat from a 56-cent basis, with higher-than-expected revenues and strong guidance for the next quarter. The company continues to move into high-growth areas such as cybersecurity and the Internet of things, while removing itself from low-margin businesses such as their set-top-box division, which it sold for about $600 million in July.
To find out what could be in the pipeline for Cisco, Cramer spoke with Robbins.
The new CEO stated that he sees a strong future ahead in the area of cybersecurity, an area that Cramer considers to be the fastest growing group of any business on Earth. The CEO considers cybersecurity to be a top priority in the face of a world that is connecting everything.
He anticipates that every customer and every company will connect to everything, which will require a network, Cisco's specialty. He said it will also require the network to become a security center.
"We think that security is a tremendous play for us, and we will use all of our leverage for innovation to actually build out that architecture," Robbins said.
In Robbins' perspective, that means the company will continue to innovate and drive research and development, partner where necessary, and make strategic investments and acquisitions where necessary.
Read more from Mad Money with Jim Cramer
And while Cisco has had a presence in China for the past 20 years, that country still contributes just 3 percent of the company's business. However, Robbins does anticipate that it will become the largest economy in the world, so Cisco will remain committed to China for the long term.
"We have spent a lot of time over there recently, and we really understand what is going on. Right now, we have limited exposure, but we are very committed long term," Robbins added.