Cisco 3Q Profit Dips, Sales Top Analysts Estimates
Cisco Systems Inc., the world's largest maker of networking equipment, said third-quarter profit declined on acquisition costs, but adjusted earnings and revenue topped Wall Street's expectations.
The San Jose, Calif.-based Cisco Systems Inc. reported third-quarter net income of $1.77 billion, or 29 cents a share, compared with net profit of $1.87 billion, or 30 cents a share, for the year-earlier period.
Adjusted earnings of 38 cents per share surpassed Wall Street's expectations a profit of 36 cents per share, according to a Thomson Financial poll.
The networking gear maker said its revenue rose 10 percent to $9.79 billion from $8.87 billion, topping analyst projections for $9.75 billion.
Cisco shares rose to $27.05 in after-hours trade after closing up 5 cents at $26.33 on Nasdaq. The shares have declined 2.7 percent this year.
Chief Executive John Chambers will join a conference call later today to discuss the company's earnings and offer his assessment of technology spending by its corporate and service provider clients.
The deteriorating U.S. economy has forced companies to cut technology budgets. Gross domestic product grew 0.6 percent in each of the past two quarters, making it the slowest six-month period in seven years.
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