Cisco Systems agrees to buy ArrowPoint for $5.7 billion

Article Abstract:

Cisco Systems is paying $5.7 billion in stock to purchase network switching equipment maker ArrowPoint Communications. The deal gives market leader Cisco a key technology in the emerging fields of content switching and load balancing in distributing Internet content. The shares of both companies rose significantly when the merger was announced on Wall Street.

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Cisco's $662 million profit tops forecasts

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Cisco Systems Inc. reported a third-quarter earnings profit that beat analyst's estimates at $662 million. The supplier of Internet hardware reported charges from acquisitions and mergers.

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Cisco results come in short of forecast; company foresees drop in revenue next quarter

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Reporting lower than expected second quarter revenue of $6.75 billion, Cisco Systems confirmed fears that the tech slowdown is affecting the earnings of large equipment makers. The company, which had previously posted 44 consecutive quarters of revenue growth, also shocked analysts by predicting a 5% decline in revenue for the next quarter. Although CEO John Chambers claimed these numbers reflect a temporary downturn, analysts worry that Cisco's financial problems may extend forward into the summer.

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