Cisco's 1Q earnings rise 18 percent

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Associated Press

Posted on November 13, 2012 at 3:00 PM

Updated Tuesday, Nov 13 at 3:02 PM

NEW YORK (AP) — Cisco Systems Inc. says earnings rose 18 percent in the latest quarter as it gained more solid footing after warning earlier this year of an abrupt slowdown in technology spending.

Cisco made $2.1 billion, or 39 cents per share, in its fiscal first quarter, from August to October. That compares $1.8 billion, or 33 cents per share, in the same period a year ago.

Excluding the cost of stock-based compensation and certain other items, Cisco would have earned 48 cents per share. On that basis, Cisco's earnings were 2 cents above the average analyst estimate, according to FactSet.

Revenue rose 5.5 percent to $11.9 billion, beating Wall Street estimates.

Cisco shares rose $1.22, or 7.2 percent, to $18.07 in after-hours trading Tuesday.

Cisco is based in San Jose, Calif.

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