Cisco Systems Inc. reported quarterly revenue and net income Tuesday that exceeded market expectations as companies upgraded their networks, sending its shares up 9%.
Chief Executive John Chambers told analysts on a conference call that momentum was strong for the network equipment maker. He forecast fiscal 2007 revenue growth of 19% to 21%.
San Jose-based Cisco, the world's No. 1 maker of routers and switches that direct Internet traffic, said sales for its fiscal fourth quarter ended July 29 rose to $7.98 billion from $6.6 billion, topping the average Wall Street forecast of $7.92 billion, according to Reuters Estimates.
Profit excluding special items was $1.9 billion, or 30 cents a share, compared with $1.6 billion, or 25 cents, a year earlier. Analysts expected earnings before special items of $1.79 billion, or 28 cents a share.
Cisco's shares rose to $18.90 in after-hours trading after closing at $17.29.