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Wednesday, November 05, 2008

Cisco's Earnings Beat Wall Street Estimates

Kathryn Glass

FOXBusiness

Cisco Systems (CSCO) beat Wall Street estimates when it released its fiscal first-quarter adjusted earnings of 42 cents per share on Wednesday.

Analysts had expected adjusted earnings of 39 cents per share, according to a poll by Thomson Reuters.

GAAP earnings for the quarter came in at 37 cents per share, compared to earnings of 35 cents per share one year ago. The San Jose, Ca.-based company reported net income of $2.20 billion, basically flat from the first quarter last year.

Sales were $10.33 billion for the quarter, an 8.1% increase from the same period last year.

“Cisco delivered solid revenue and earnings growth in what is clearly a very challenging global economy," said John Chambers, the company’s chairman and CEO, in a press release. "Our strategy and focus for managing the business through this market transition is clear -- we will manage and prioritize our resources, invest in innovation, and build even stronger relationships with our customers to help enable their success.”

Shares of Cisco were trading up slightly on Wednesday after the closing bell.