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 SAN FRANCISCO (AP) - Cisco Systems Inc.'s fiscal third-quarter profit surged 34 percent, but investors punished the stock on signs of weakness for the second straight quarter in a core area of the company's business.
Cisco shares plunged $1.62, or 5.7 percent, to $26.74 in Wednesday morning trading, even though the results released after the markets closed Tuesday narrowly beat Wall Street's expectations.
San Jose-based Cisco said net income for the three months ended April 28 was $1.87 billion, or 30 cents per share, compared with $1.4 billion, or 22 cents per share, during the same period last year.
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