Cisco Systems Reports Solid Fiscal Third Quarter and Tesla CEO Elon Musk Says There is a Need for Gigafactories

Cisco Systems, Inc. (NASDAQ: CSCO) released their fiscal third-quarter report that beat  analyst targets on both the top and bottom lines. The company also gave a promising outlook for the fourth quarter. For Q1, Cisco expects sales to decline something like 2% year over year. Analysts had currently projected a 4% revenue drop. Cisco's adjusted earnings guidance came out to about $0.52 per share, which also was ahead of the consensus analyst target. Cisco Systems, Inc. designs, manufactures, and sells Internet protocol (IP) and other products related to the communications and information