Cisco profit falls as competition heats up

BOSTON (Reuters) - Cisco Systems Inc reported a 18 percent decline in quarterly profit as it suffered steep competition in its core business of selling switches that form the backbone of the Internet and corporate networks.

Net income fell to $1.8 billion, or 33 cents per share, from $2.2 billion, or 37 cents per share, a year earlier.

(Reporting by Jim Finkle; Editing by Richard Chang)