Cisco's Turnaround Tale Set to Continue

SAN JOSE, Calif.(TheStreet) -- Cisco(CSCO) reports its third-quarter results after markets close on Wednesday with all signs pointing to another chapter in the networking giant's turnaround tale.

This time last year, Cisco was on the ropes. Pummeled by poor execution, weak consumer spending and intense competition, Cisco CEO John Chambers implemented a massive corporate overhaul in an attempt to build a leaner and more focused company.

Cisco, led by John Chambers, reports third-quarter results after market close.

After enduring a turbulent 2011, Cisco is now reaping the benefits of its revamp. The San Jose, Calif.-based company put out strong second-quarter results in February, announcing that it hit the $1 billion target for its expense-reduction plan a quarter early.