Cisco sees recovery continue in 3Q
Cisco says its net income for the latest quarter rose 63 percent from last year, as the economic recovery continued to give customers the confidence to spend on big-ticket networking gear.
Cisco Systems Inc. says it earned $2.2 billion, or 37 cents per share, in the fiscal third quarter that ended May 1. That's up from $1.3 billion, or 23 cents per share, a year ago.
Excluding one-time charges and the cost of stock-based compensation, the world's biggest maker of computer networking equipment earned 42 cents per share. Analysts expected 39 cents per share.
Revenue rose 27 percent to $10.4 billion, topping analysts' forecasts of $10.2 billion.