Cisco Systems, Inc. (NASDAQ:CSCO) surged by almost 13 percent on Thursday after the company’s third quarter earnings performance beat consensus expectations. The company also provided a guidance that meets the estimates of Wall Street analysts.

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The stock price of the company rose to as much as $24.24 per share in trading earlier today. In afternoon trading, shares of Cisco Systems, Inc. (NASDAQ:CSCO) are trading around $23.84 per share, up by 12.41 percent. Its lowest price over the past 52-week range was $14.96 per share.

Yesterday, Cisco Systems Inc. (NASDAQ:CSCO) posted a GAAP earnings of $2.5 billion or $0.46 per share and $12.2 billion net sales, an increase of 5 percent year-over-year.

John Chambers, chairman and chief executive officer of Cisco Systems, Inc. (NASDAQ:CSCO), issued a positive statement regarding the financial performance and future prospects of the company. According to him, “Cisco is executing at a very high level in a slow, but steady economic environment. We are especially pleased with our ninth consecutive record revenue quarter. We are starting to see some good signs in the U.S. and other parts of the world which are encouraging.”

He also emphasized that Cisco Systems Inc (NASDAQ:CSCO) has the right products and solutions for customers seeking solutions for their biggest problems in their business. He said, “The pace of change is increasing and Cisco is well positioned.”

Chambers added, “We have always believed that the Internet will revolutionize the way we work, live, play, and learn. This has never been truer than it is today, with cloud, mobility and video all coming together to deliver the Internet of Everything and unprecedented new opportunities for businesses and consumers. We’re excited about the future.”

During the quarter, Cisco Systems, Inc. (NASDAQ:CSCO) spent $1.8 billion returning capital to shareholders through shares buyback and dividend. The company paid a cash dividend of $0.17 per share or $905 million.

In a research note to investors, RBC Capital analyst Mark Sue commented that Cisco Systems, Inc. (NASDAQ:CSCO) is “zigging where others are zagging.” Several of its competitors in the industry including International Business Machines (NYSE:IBM), Oracle Corporation (NASDAQ:ORCL), and Juniper Networks (NYSE:JNPR) reported disappointing or gloomy results and/or guidance.

On the other hand, Joanna Makris, analyst at Mizuho Securities, commented that the recent revenue of the Cisco Systems, Inc. (NASDAQ:CSCO) regained the confidence of shareholders, and that it is capable of achieving its 4 to 7 percent  target long-term growth and to accelerate it in the future.

Makris said, “If you asked most investors six months ago about that target, most would say they don’t believe it. Now they’re leaner. They’ve steered the ship toward where the growth is.”

In a note to investors, Shebly Seyrafi, analyst at FBN Securities wrote, “Cisco’s report is striking for two reasons: most of Cisco’s networking peers missed, and guided below consensus while Cisco beat and guided in-line … Cisco’s product gross margin improved to 62.1 percent from 60.9 percent in fiscal Q2 even though its switch revenue (the highest-margin segment) declined by 3 percent quarter to quarter due to execution, better service provider video margins, and a 6 percent quarter to quarter decline in (lower margin) data center (revenue).”