Cisco posts Q3 profit and growth

Cisco posts Q3 profit and growth

Cisco Systems has reported strong growth in revenue and profit for a fiscal third quarter in which it made several acquisitions to help power Web 2.0 developments

The dominant network vendor's revenue rose to US$8.9 billion for the quarter, up 21 percent from the same quarter a year earlier. Net income grew almost 34 percent to $1.9 billion, for earnings per share of $0.30, on a GAAP (generally accepted accounting principles) basis.

During the quarter, which ended April 28, Cisco acquired online collaboration vendor Webex Communications for $3.2 billion and also bought social networking technology developer Five Across and some assets of Utah Street Networks, another social networking company.

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