Cisco third quarter 'steady'

Cisco on Tuesday reported fiscal third quarter results that were better than expectations.

The company reported net income of $1.8 billion, or 29 cents a share, on revenue of $9.8 billion, up 10 percent from a year ago. Excluding items, Cisco (all resources) reported earnings of $2.3 billion, or 38 cents a share. According to Thomson Financial, Cisco was expected to report earnings of 36 cents a share.

In a statement, Cisco CEO John Chambers said the company's performance was "steady."

Here's a look at the third quarter numbers:

• Days sales outstanding in accounts receivable was 39 days, even with the prior quarter.
• Cisco had cash and equivalents of $24.4 billion at the end of the quarter.
• R&D spending came in at $1.44 billion, up from $1.14 billion a year ago.
• Product revenue was $8.2 billion with service sales of $1.6 billion.