Cisco Systems, Inc. (NASDAQ:CSCO) Systems released the earnings results from its third quarter of fiscal 2015 after closing bell tonight, posting non-GAAP earnings of 54 cents per share or $2.8 billion on $12.1 billion in revenue, a 5% increase from last year. Analysts had been expecting earnings of 53 cents per share and $12.07 billion in revenue. In the same quarter last year, the technology giant posted earnings of 51 cents per share or $2.6 billion on $11.5 billion in revenue.

Key metrics from Cisco’s earnings report

GAAP earnings were 47 cents per share or $2.4 billion, compared to last year’s earnings of 42 cents per share or $2.2 billion. Cisco reported $3 billion in cash flow from operations, which was slightly behind last year’s $3.2 billion for the third quarter and the previous quarter’s $2.9 billion. The company had $54.4 billion in cash and cash equivalents at the end of the quarter.

“Cisco is in a very strong position and we delivered another solid quarter,” said Chairman and CEO John Chambers in a statement. “Our vision and strategy are working and we are executing very well in a tough environment, as evidenced in our revenue growth, profitability, strong gross margins and cash generation. Our customers feel the pace of change and disruption in every industry and market, and know their success depends on digitizing their business.”

During the quarter, Cisco paid 21 cents per share in dividends and bought back about 35 million shares for $1 billion at an average price of $28.39 per share.

Cisco Systems updates products

In tonight’s earnings release, Cisco Systems also provided an update on its new products, specifically the progress it is making in the Internet of Everything. The company opened up an innovation center in Berlin and introduced its Cisco Collaborative Knowledge software-as-a-service. Other new introductions during the quarter were Cisco’s mobile SaaS analytics system Mobility IQ and enhancements to its Evolved Programmable Network product portfolio.