Reuters reported that profit for its fiscal third quarter grew to $2.5 billion, or 46 cents per share, from $2.17 billion, or 40 cents per share, in the year-ago quarter.
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On CNBC's "Fast Money," Marshall said that Cisco was only a value stock if gross margins held, adding that he was "warming up" to it. Marshall had a "cautious" rating on Cisco shares.
Marshall also said that Cisco's results could be signaling a bottom in IT spending, noting that corporate budgets had been "pretty anemic" for the past 1½ years.
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"This could be very positive for others in the space, as well, like EMC, for example," he said.
"If we can get comfort going forward that software-defined networking is not going to jeopardize their gross margins over the longer term, then I think we can get constructive on the name."