NEW YORK (CNN/Money) - Cisco Systems, the leading manufacturer of computer networking gear, reported an earnings increase of 35 percent in its fiscal third quarter despite a 4 percent decline in sales.
The company reported net income of $987 million, or 14 cents a share, according to generally accepted accounting principles, compared to earnings of $729 million a year ago.
On a pro forma basis, which includes one-time gains, the company posted earnings of 15 cents a share, a penny ahead of analysts' expectations of 14 cents, according to earnings tracking firm First Call. Cisco reported pro forma earnings of 11 cents a share in last year's third quarter.
Sales came in at $4.6 billion for the quarter, in line with expectations, but down from revenue of $4.8 billion a year ago.
Shares of Cisco have rallied sharply on hopes of a recovery in technology spending during the second half of the year. The stock is up more than 20 percent this year and gained 59 cents, or 3.3 percent, to $15.90 on Tuesday.
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