Cisco profit up 63pc to $2.2bn

Cisco Systems, the American networking equipment maker, defied analyst forecasts to boost its net income 63 per cent in the third quarter. Profits were $2.2bn (£1.5bn) or 37c per share, up from $1.4bn or 23c per share a year earlier. Cisco shares have risen 43 per cent in the past year as market hopes have risen that corporate spending will recovery after the recession.