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. Last Updated: 07/27/2016

Cisco Beats Estimates

SAN FRANCISCO -- Cisco Systems Inc. on Tuesday reported that third-quarter operating profits rose 58 percent while sales surged 55 percent.

For the period ended April 29, Cisco said it had earnings before one-time items of $1.03 billion, or 14 cents a share, up from $649 million, or 9 cents, a year ago. Sales rose to $4.92 billion from $3.17 billion. The results topped analysts' forecasts of 13 cents a share, according to First Call/Thomson Financial.

More than 80 percent of Internet traffic is carried by Cisco gear and it has 80 percent of the market for routers, sophisticated hardware and software.