Cisco's Earnings Rise 20-Percent to Top Street

Cisco's quarterly earnings surged 20 percent in the latest sign that a recently completed overhaul is paying off for the world's largest maker of computer networking equipment.
 
       The results released Wednesday also may help ease worries that Cisco Systems Inc.'s comeback might be derailed by a sluggish economy, particularly in Europe.
 
       Cisco earned $2.2 billion, or 40 cents per share, for its fiscal third quarter, spanning February through April. That compares with income of $1.8 billion, or 33 cents per share, at the same time last year.
 
       If not for certain accounting items unrelated to its ongoing business, Cisco says it would have earned 48 cents per share. On that basis, Cisco's earnings were a penny above analyst estimates.
 
       Revenue rose 7 percent from last year to $11.6 billion.