3Com Corp. (NASDAQ: COMS) reported Tuesday that its fiscal third-quarter profit rose, citing growing sales in most regions and a decline in its income tax provision, according to Associated Press.
The company earned $41.4 million, or 10 cents per share, in the second quarter, compared to $1.9 million, or less than a penny per share, in the same quarter of the previous year.
Revenue rose 7 percent to $345.9 million, seeing double-digit growth in all of its regions except China, which fell slightly.
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3Com said its adjusted profit was 16 cents per share excluding special items, which topped Wall Street expectations. Analysts polled by Thomson Reuters expected earnings of 8 cents per share on $325.9 million in revenue.
Operating expenses rose 1 percent to $186.4 million, but that was offset by the revenue increase and a 1 percent drop in the company's cost of sales to $137.1 million.
3Com also reported a smaller income tax provision of $1.3 million, compared with a $12.8 million provision in the prior-year quarter. The company also recorded $683,000 in interest income, compared with a $3.3 million investment loss in the year-ago quarter.
Shares of 3Com fell a penny to $7.72 at Tuesday’s close.
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