Cisco Systems yesterday reported third-quarter operating profits rose 58 per cent while sales surged 55 per cent as the world's biggest maker of data networking equipment sold more Internet equipment to businesses, telephone and cable companies and Internet service providers.

For the period ended April 29th, Cisco, which has an Irish office in Eastpoint in Dublin, said sales rose to $4.92 billion from $3.17 billion a year ago. Even though Cisco stock fell 7 per cent on Monday amid investor concern over its valuation and acquisition strategy, the shares have soared 131 per cent in the last 12 months, more than double the gain of the Dow Jones Communications Technology Index.

Cisco stock ended yesterday unchanged at $62 3/4.