Shares of Cisco Systems Inc. surged more than 18 percent Wednesday after the network equipment maker reported higher third-quarter profits that were ahead of expectations.
Investors drove up the shares despite executives' cautious stance on the company's future financial outlook, saying they expected little growth in the coming quarter. Cisco shares gained $2.40 to $15.48 in morning trading on the Nasdaq Stock Market.
Chief executive John Chambers said Cisco's customers still are waiting for better financial times to increase their Internet and networking gear spending, making it difficult to forecast long term.
News source: The Nando Times - Cisco shares surge after earnings report
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