Business

market movers

Cisco Systems stock rises on higher sales, profit

John Chambers is CEO of Cisco; its quarterly results beat analysts’ estimates.

Getty Images/File 2009

John Chambers is CEO of Cisco; its quarterly results beat analysts’ estimates.

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Tech shares rallied 0.7 percent as a group, with Cisco Systems surging 12.6 percent. It is benefiting as companies step up investments in data-traffic networks to accommodate more users who rely on smartphones and tablets to watch video and surf the Web. Cisco sells routers, switches, software, and services to corporate and government customers worldwide; its performance is considered a gauge of the industry’s health. Quarterly sales rose 5.4 percent; net income, 14.5 percent.

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