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Network equipment maker Cisco Systems Inc. (CSCO-Q) beat third quarter earnings estimates, allaying some concerns about global technology spending even as questions remained about the company's ability to weather economic weakness.
Earnings, excluding items, were 48 cents US per share compared with the average estimate of 47 cents a share as compiled by Thomson Reuters I/B/E/S.
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.
"It's not too shabby, considering the choppy environment we are in," Mark Sue, analyst at RBC Capital Market said.
"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," he added.
Analysts had expected a solid quarter driven by U.S. enterprise and commercial demand as well as gains in the router and switches markets with weakness in the public sector and Europe.