Cisco Systems Inc.'s profit fell 5% in its fiscal third quarter but beat Wall Street's forecasts, a sign the turbulent U.S. economy didn't rattle the world's largest networking equipment maker as much as expected.
The San Jose-based company earned $1.77 billion, or 29 cents a share, during the three months that ended April 26. That represents a drop of 5.4% from the $1.87 billion, or 30 cents, that Cisco earned during the same period a year earlier.
Stripping out 9 cents a share in one-time charges for acquisition and employee stock-based compensation, Cisco earned 38 cents a share. That's 2 cents a share above the average estimate of analysts polled by Thomson Financial.
Sales were also higher than analysts' subdued forecasts, coming in at $9.79 billion in the third quarter, a 10.4% jump over the year-earlier period. Analysts were expecting sales of $9.75 billion.