Cisco Systems Profit and Sales Beat Wall Street Forecasts

Cisco Systems (CSCO) beat Wall Street forecasts on both profit and sales. The networking equipment maker delivered gains in quarterly profit and reported a steady performance in the fiscal third quarter. The results, analysts say, is that Cisco continues to do well adapting to new technologies and holding off rivals. The company reported a 12% increase in net profit to $2.4 billion dollars. Parts of the business were weak, however, sales to telecommunications and cable companies were down and emerging markets slipped. Despite that, CEO John Chambers says the China business can be turned around.