Cisco Tops Wall Street Estimates; Stock Soars

Networking giant Cisco Systems

released its fiscal third-quarter earnings results after the closing bell on Wednesday. The company topped Wall Street earnings and revenue projections, sending the stock up nearly 9 percent in late trade. The company reported net income of $2.5 billion or $0.46 per share, compared to $2.2 billion or $0.40 per share, in last year's corresponding period. On an adjusted basis, net income was $2.7 billion or $0.51 per share, versus $2.6 billion or $0.48 per share, in last year's third-quarter. This came in above analysts' consensus EPS estimates of $0.49. Sales for the quarter were up 5.4 percent to $12.22 billion from $11.59 billion last year. This also beat expectations calling for net revenue of $12.18 billion in the period.