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Cisco Systems (CSCO), a leading supplier of networking products, has reported better-than-expected results for the 2010 fiscal third quarter (ended May 1st). Earnings per share came in at $0.37, nicely ahead of our call for $0.33 and well above the $0.23 delivered ayear earlier. The top line advanced 27% over the 2009 figure, though it should be noted that revenues benefited modestly from an extra week in this year’s reporting period. Nevertheless, Cisco’s strategy to increase research & development during the downturn seems to be paying off, as strength persisted across all geographies, product categories, and customer segments. The Switching and Routing units performed particularly well, thanks in part to new products. In light of the company’s improving results, we’ve raised our fiscal 2010 share-net estimate by a nickel, to $1.35.