Reuters: Global Markets: Cisco profit beats Street, economic worries remain

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Cisco profit beats Street, economic worries remain May 9th 2012, 21:13 Tweet Share this Email Print Related News Disney earnings rise despite "John Carter" loss Tue, May 8 2012 Discovery profit falls, hurt by Oprah's OWN Tue, May 8 2012 Dish Network adds subscribers, beats Street Mon, May 7 2012 UPDATE 3-Cardinal profit beats, pharmaceutical unit strong Thu, May 3 2012 Time Warner's revenue up, though "Luck" wasn't Wed, May 2 2012 Related Topics Hot Stocks » Asian Markets » A pedestrian walks past the Cisco logo at the technology company's campus in San Jose, California February 3, 2010. Credit: Reuters/Robert Galbraith By Nicola Leske Wed May 9, 2012 5:13pm EDT (Reuters) - Cisco Systems Inc beat quarterly earnings estimates, allaying some concerns about global technology spending even as questions remained about the network equipment maker's ability to weather economic weakness. The company, whose Chief Executive John Chambers last year stunned investors by admitting it had "lost its way," posted a 5 percent jump in revenue from its core business of network switching in its fiscal third quarter. But analysts warned that technology spending by enterprises and governments remained weak, with European and U.S. economies still on shaky ground. Shares in Cisco slid to $17.20 in extended trading from a close of $18.78 on Nasdaq. "It's not too shabby, considering the choppy environment we are in," said Mark Sue, analyst at RBC Capital Market. "Still, the global macro storm clouds are gathering and it remains to be seen if Cisco can use its new-found execution prowess to navigate this difficult environment." Total revenue rose 6.6 percent from the year-ago quarter to $11.59 billion, compared with a Street view of $11.58 billion, the company said on Wednesday. But in Europe, the Middle East and Africa, revenue was up a more moderate 4.6 percent, while U.S. revenue was up an even more anemic 3.2 percent from a year earlier. Earnings, excluding items, were 48 cents per share compared with the average estimate of 47 cents a share as compiled by Thomson Reuters I/B/E/S. Analysts had expected a solid quarter driven by U.S. enterprise and commercial demand as well as gains in the router and switches markets, offsetting weakness in the public sector and Europe. (Reporting by Nicola Leske, additional reporting by Jim Finkle; Editing by Richard Chang) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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