SAN JOSE, Calif. (AP) _ Cisco Systems Inc. (CSCO) on Wednesday reported fiscal third-quarter earnings of $2.77 billion.
On a per-share basis, the San Jose, California-based company said it had profit of 65 cents. Earnings, adjusted for one-time gains and costs, came to 79 cents per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.
The seller of routers, switches, software and services posted revenue of $11.98 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $11.87 billion.
For the current quarter ending in July, Cisco expects its per-share earnings to range from 72 cents to 74 cents.
Cisco shares have decreased 12% since the beginning of the year, while the Standard & Poor's 500 index has fallen 13%. In the final minutes of trading on Wednesday, shares hit $42.01, a decrease of 18% in the last 12 months.