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Cisco Starts Recovery: Weekly Tech Recap

NEW YORK ( TheStreet) -- All eyes were on Cisco (CSCO - Get Report) this week as the embattled networking giant put out solid fourth-quarter numbers Wednesday.

After a run of quarters marred by weak outlooks, the switch maker offered decent first-quarter guidance, predicting year-over-year revenue growth in line with analysts' estimates.
Cisco put out solid fourth-quarter numbers this week.

In an interview with TheStreet on Thursday, Cisco CFO Frank Calderoni explained that the company's recent attempts to streamline and improve its business are starting to pay off.

"Our restructuring efforts are well underway and delivering results," he explained, noting that the company's quarterly revenue came in at the high end of its guidance. "We're very pleased with the solid quarter that we just announced."

Investors cheered Cisco's numbers and the impact of its corporate overhaul, pushing the networker's shares up more than 14% in early trading on Thursday.

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Cisco, however, is still not out of the woods. In switching, which makes up almost one-third of Cisco's total sales, the company saw its revenue decline 4% year over year as users continued their transition to lower-priced products. Cisco's router revenue was also down 2%, despite a 17% hike in orders.

Speaking during a conference call after the market closed Wednesday, Cisco CEO John Chambers also noted ongoing weakness in the public sector.

Cisco shares closed up 0.44% at $15.99 on Friday.

Cisco's results certainly offered some respite from the gloom that has enveloped tech stocks following the recent U.S. credit downgrade. Chipmaker Nvidia (NVDA - Get Report) also put out positive numbers this week, swinging to a profit after market close on Thursday and offering robust guidance.

Investors welcomed the numbers, pushing Nvidia's shares up 14.4% to $15.35 in extended trading on volume of more than 4 million, according to

Nvidia, however, dramatically surrendered these gains after market open on Friday. The company's shares were down 0.3% at $13.37 by late morning amid lingering concerns about the growth of its Tegra chips, which are used in smartphones and tablets including Motorola's (MMI) new Photon phone.

Nvidia's stock closed down 3.95% at $12.88 on Friday.
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