Cisco profit up 18 percent

  • Cisco, the world's largest maker of networking equipment, announced an 18 percent rise in profits on Wednesday.

    The jump comes on the back of increased sales and cost cutting measures.

    Net profit rose to $2.1 billion in the three months to October 27 in comparison to the same period last year.

    In a statement, Cisco said it was seeing "signs of improvement" in the U.S. but warned that conditions in Europe remained uncertain.

    Cisco shares rose nearly 7 percent in after-hours trading on Wall Street.