Cisco Systems Inc Stock Rises Amid Strong Q3 Earnings

cashkeyboard(Ping! Zine Web Tech Magazine) – Technology provider Cisco on Wednesday announced its third quarter earnings – something that accounted for $12.2 billion in net sales.

The latest stats were good news for the company as they represented a 5% increase compared to the same time last year.

In a press release, company CEO John Chambers emphasized the progress despite what’s considered by many to be a still lackluster economy. “Cisco is executing at a very high level in a slow, but steady economic environment. We are especially pleased with our ninth consecutive record revenue quarter. We are starting to see some good signs in the US and other parts of the world which are encouraging,” noted Chambers.

He continued, “We have the right products, the right solutions and our customers are coming to us to solve their biggest business problems. The pace of change is increasing and Cisco is well positioned.”

The earnings also meant $0.46 GAAP/$0.61 non-GAAP per share. According to a report from the Boston Globe, the higher earnings from the company resulted in a rise in stock.

Cisco’s services provide for cloud, collaboration, application networking services, routers, storage networking and more.