Cisco's moves to software not reaping benefits
 

But it is still making a killing

Cisco reported third quarter profit and revenue that beat the cocaine nose jobs of Wall Street’s estimates on Wednesday, but shares fell four percent after bleak current quarter forecasts indicated that the transition to a software focused business was not happening yet.

Cisco’s shares had climbed 18 percent and is the second biggest gainer among Dow components this year as investors bet on the company’s turnaround under Chief Executive Officer Chuck Robbins.

Robbins has been moving the outfit away from its traditional business of supplying switches and routers and into newer growth areas such as cloud, Internet of things and cybersecurity.

Revenue in the company’s closely watched security business, which offers firewall protection and breach detection systems, rose 11 percent to $583 million in the third quarter.

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