Cisco Earnings Report Beats Projections

SAN JOSE (CBS/AP) — Cisco’s latest quarterly report is providing further evidence that spending on technology gear is picking up despite persisting concerns about a still-shaky economy.

The earnings announced Wednesday exceeded analyst projections for the world’s largest maker of computer networking equipment.

Cisco Systems Inc.’s quarterly performances and forecasts are widely regarded as a way to assess the state of the technology industry.

That’s because the San Jose company cuts a broad swath while selling its routers, switches, software and services to corporate customers and government agencies around the world.

Cisco earned $3.1 billion, or 59 cents per share, during a three-month span ending Jan. 26. That represented a 44 percent increase from $2.2 billion, or 40 cents per share, in the previous year.

Revenue edged up 5 percent to $12.1 billion.

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