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Cisco Systems beats forecasts
Cisco Systems yesterday forecast revenue growth accelerating to a range of 23 per cent to 26 per cent in the current quarter, against the average Wall Street forecast for an increase of 16.5 per cent year-on-year. Revenue for the quarter rose eight per cent to $9.8bn. Profit rose to $1.9bn, or 32 cents a share, from $1.5bn, or 26 cents a share, in the year-ago quarter. The leading maker of network equipment expects to hire 2,000 to 3,000 people in the next several quarters. Cisco is one of the first major technology companies to report results that include much of January 2010. Its performance is a bellwether for the industry.