Cisco Rises as Profit Tops Estimates on Price Reductions
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Cisco Systems Inc., the biggest maker of computer networking equipment, rose the most in almost three months after its profit topped analysts’ estimates, price reductions helped spur sales and cost cuts kept margins intact.
The shares jumped as much as 8.3 percent today after Cisco said in a statement yesterday after markets closed that profit excluding some costs was 48 cents a share in the first fiscal quarter ended Oct. 27. Analysts anticipated 46 cents a share, the average of data compiled by Bloomberg.