World's largest maker of Internet gear reports results that come in slightly better than expected.
May 11, 2004: 4:12 PM EDT
NEW YORK (CNN/Money) - Cisco Systems, the largest maker of equipment used to connect computers and servers to the Internet, Tuesday reported better-than-expected sales and profits for the latest quarter, a sign that the corporate pickup in technology spending is continuing.
The San Jose, Calif.-based company posted net income of $1.2 billion, or 17 cents a share, for its fiscal third quarter, up 21.6 percent from $987 million, or 14 cents a share, a year earlier.
Excluding stock-based compensation expenses and other charges, Cisco's pro forma earnings were $1.4 billion, or 19 cents a share, a penny ahead of analysts' expectations of 18 cents a share, according to First Call.
Sales jumped 21.7 percent to $5.6 billion, coming in a shade better than the consensus estimate of $5.55 billion.
Shares of Cisco (CSCO: Research, Estimates) gained 63 cents, or 2.9 percent, to $22.25 in regular trading on the Nasdaq Tuesday. The stock has fallen nearly 10 percent so far this year, however, after soaring 85 percent in 2003.
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