Riverbed's Beat Is a Defeat for Cisco

(TheStreet) -- Riverbed's (NASDAQ: RVBD) upside pre-announcement shows which way the spending is flowing in networking gear -- away from equipment shops like Cisco (NASDAQ: CSCO) and Extreme Networks (NASDAQ: EXTR).

Riverbed, which makes networking systems that squeeze higher performance out of old IT gear, released its preliminary first quarter results Tuesday, calling for adjusted earnings of 19 to 20 cents a share on about $163.5 million in sales. The numbers beat analysts' targets that called for 18 cents a share pro forma profit on $161 million in revenue.

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