Cisco posts higher quarterly profit

NEW YORK (Reuters) - Cisco Systems posted a higher quarterly profit on Wednesday, helped by demand for its network equipment from telephone companies despite concerns a slowing U.S. economy would hurt corporate technology spending.

Earnings per share before unusual items were 38 cents per share versus 33 cents a share a year ago.

Analysts on average had expected earnings of 38 cents per share, excluding items, on revenue of $9.8 billion, according to Reuters Estimates.

Cisco shares have fallen about 28 percent since Chief Executive John Chambers said in November that the company was seeing dramatic decreases in orders from U.S. banks.

Cisco shares closed down 18 cents at $23.08 on Nasdaq on Wednesday.