Tech stocks were modestly higher Wednesday, as networking giant Cisco ( CSCO) posted significant gains following its fourth-quarter earnings report.

Cisco was up $1.28, or 5.6%, to $23.93 after the company beat Street expectations for the fourth quarter. The company posted profit of $2 billion, or 33 cents a share vs. $1.9 billion, or 31 cents a share, the year before. Excluding one-time items, it earned 40 cents a share, topping consensus estimates by a penny. Revenue rose 10% to $10.4 billion and was slightly above Wall Street's estimate of $10.3 billion. For the first quarter, Cisco expects revenue to grow 8%, with an 8.5% increase in the fiscal second quarter. After that, revenue growth should accelerate back to the 12% to 17% range, said Cisco.

On Semiconductor ( ONNN) gained 62 cents, or 6.6%, to $10.05 after it reported strong results for the second quarter. Excluding charges, the company posted earnings of 23 cents a share on revenue of $562.7 million, compared with earnings of 21 cents a share on revenue of $381.20 million, a year ago. Analysts were looking for EPS of 19 cents on revenue of $552.45 million. For the third quarter, On guided revenue in the range of $570 million to $585 million, higher than consensus estimates of $567.9 million.

Shares of Sprint Nextel ( S) were down 84 cents, or 9.8%, to $7.71 after it swung to a loss in the second quarter though it still beat Wall Street's expectations. Revenue during the quarter fell 11% to $9.06 billion and was lower than analysts' estimates of $9.17 billion. Sprint said it saw lower customer losses in the quarter but expects it to rise again in the third quarter.

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