Good news from Cisco, whose CEO John Chambers was one of the first to ring the alarm bells about the economic collapse.
NEW YORK (AP) — Cisco blows past its own forecast for the latest quarter, reporting its first sales increase in a year as it leaves the recession behind.
CEO John Chambers says improvement was dramatic “across the board” and provides “a clear indication that we are entering the second phase of the economic recovery.”
Cisco Systems Inc. says it earned $1.9 billion, or 32 cents per share. That’s up 23 per cent from $1.5 billion, or 26 cents per share, a year ago.
Excluding one-time charges, the world’s biggest maker of computer networking equipment earned 40 cents per share. Analysts expected 35 cents per share.
Revenue rose 8 per cent to $9.8 billion, topping analysts’ forecasts of $9.4 billion for the fiscal second quarter that ended Jan. 23.