Networking giant Cisco Systems Inc. (Nasdaq: CSCO) posted a solid set of third-quarter results today, buoyed by strong performance from the vendor's storage operation (See Cisco Reports Q3.)
Cisco's quarterly revenue was $8.9 billion, up 21 percent on the same period last year and above analyst estimates of $8.76 billion.
Speaking on a conference call tonight, Cisco CEO John Chambers highlighted the performance of the vendor's Advanced Technologies division, which includes storage, as one of the main drivers behind the vendor's growth. "Storage led the way with 50 percent growth, followed by unified communications in the mid-30s," he said.
Revenues from the Advanced Technologies group, including the vendor's Scientific Atlanta division were up 36 percent year-over-year to $2.1 billion. Excluding Scientific Atlanta, growth was 24 percent year over year. "Advanced technologies revenues are now becoming larger in their contribution to the top line than routing," said Chambers.
The vendor's earnings per share were 30 cents on net income of $1.9 billion, up from $1.4 billion and 22 cents per share in the year-ago quarter. On a non-GAAP basis, Cisco reported earnings of 34 cents on net income of $2.1 billion, up from $1.8 billion and 29 cents in the same period last year. Analysts had projected earnings of 33 cents.
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