Cisco CFO Frank Calderoni says the networking giant is demonstrating progress on its return to growth, lifted by solid fiscal third-quarter results. The finance chief pointed, in particular, to strength in the U.S. commercial and enterprise sectors and a more stable European market. He noted, however, that the company still faces challenges in emerging markets. Cash remains critically important for the switchmaker, which generated free cash flow of $3.2 billion during the quarter, up from $2.6 billion during its fiscal second quarter. "The improvement was driven by our overall results," said Calderoni.

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