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Investors cheer tech giant’s performance

Thursday, Nov. 6, 2003 | 9:42 a.m.

SAN JOSE, Calif. -- Cisco Systems Inc. shares rose nearly 5 percent today after the company reported higher-than-expected sales and profits in its fiscal first quarter -- a sign that corporate spending on technology is coming to life.

The shares gained $1.02 to $22.82 in early trading on the Nasdaq Stock Market.

For the three months ended Oct. 25, Cisco earned $1.09 billion, or 15 cents per share, compared with a profit of $618 million, or 8 cents per share, for the same period last year.

Sales jumped 5.3 percent, to $5.1 billion from $4.85 billion.

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