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Cisco Q3 revenue, earnings fall

Cisco revenue for its third fiscal quarter fell 17% from a year earlier, while net income plunged 21% to $1.3 billion, or $0.23 per share.

Despite the declines, Cisco delivered solid financial performance given the weak global economy, and is well positioned for the eventual recovery, Chairman and CEO John Chambers said in a statement.

The dominant networking vendor is considered a bellwether of technology, and its results and forecasts are being closely watched as signs of the economy's health. Revenue fell to $8.2 billion in the quarter, which ended April 25.

Excluding certain one-time items, Cisco reported net income of $1.08 billion or $0.30 per share. Analysts polled by Thomson Reuters had expected earnings of $0.25 per share on revenue of $8.07 billion.

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