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Cisco touts growth in latest earnings

CEO John Chambers says the company is coming out of the downturn stronger and gaining a larger share of customers' "total wallet spend" via next-generation products.

Cisco Systems on Wednesday reported solid third-quarter financial results, noting that company witnessed a "return to strong balanced growth" across the board that has not been seen since before the economic downturn.

For the quarter, Cisco reported net income of $2.5 billion, or 42 cents per share, a 40 percent increase from the same quarter a year ago. Revenue was $10.4 billion, a year-over-year increase of 27 percent. Wall Street analysts had been expecting earnings of 38 cents per share on revenue of $10.24 billion. (Statement, Preview)

In a statement, Cisco CEO John Chambers said that the company is coming out of the downturn stronger, gaining market share and a "larger share of the total wallet spend of our customers" with next-generation products in across almost every category.

Read more of "Cisco earnings: 'Return to strong balanced growth'" at ZDNet's Between the Lines.