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Cisco last week reported higher sales and profits for its first quarter, a strong signal that corporate spending on networking equipment is rebounding after two years of declines.
Cisco earned $1.09 billion for the three months ended Oct. 25 compared with a profit of $618 million for the same period last year, while sales jumped 5.3 percent, to $5.1 billion from $4.85 billion.
The results beat Wall Streets expectations. Analysts were expecting the company to post a profit of 15 cents per share on sales of $4.86 billion.