Computer network giant Cisco Systems last night reported a net profit of $729m in the quarter ending April 27, compared with a $2.7 billion loss in the same period a year ago.
The earnings, amounting to 10 cents per share, were slightly above Wall Street estimates and also a rise from the previous quarter's earnings of $660m.
Net sales for the third quarter were $4.8 billion, up just 2% from the same period a year ago and flat compared with the second quarter.
Pro forma net income, which excludes of acquisition charges and some other items, was $838m, up from $230m a year earlier.
'We are very pleased with this quarter's performance, especially our year-to-year profit increase of 264% and quarter-to-quarter increase of 26%,' said John Chambers, president and CEO of Cisco Systems.
'Last year was a classic downturn. We took the critical steps to position ourselves for the upturn, and we are beginning to see the very positive results,' Chambers added.
