3Com stock jumped 14 per cent on last Wednesday after the networking vendor reported record sales and earnings for its 1997 Q1, ended 31 August.
Turnover for the quarter was $707 million, up 42 per cent on the same period last year. Net profit was $93.1 million and earnings per share were $0.52, up 62 per cent and 58 per cent respectively on Q1 1996.
The results beat Wall Street's estimates of $0.47 per share and caused 3Com stock to rise $8 to close Wednesday at $64.63.
Eric Benhamou, 3Com chairman and CEO, described the results as a foundation which fuelled the firm's resolve to establish itself as a clear leader in the systems business while extending its leadership in interface products.
'Our Q1 results underscore the positive impact of our strong new product cycle and the continued rise of our reputation and share across our strategic markets, including network adaptors, workgroup switches and hubs,' he said.
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