Cisco records US$1.9bn quarterly net income
Cisco has recorded a 19pc increase in sales and reported a net income of US$1.9bn in its quarterly financial results.
The networking company reported its first quarter results for the period ended 30 October 2010, and reported net sales of US$10.75bn, net income on a generally accepted accounting principles (GAAP) basis of US$1.9bn or US$0.34 per share, and non-GAAP net income of US$2.4bn or US$0.42 per share.
“Cisco delivered solid financial results, during a challenging economic environment,” said Cisco chairman and CEO John Chambers.
“While we have seen capital spending moderate in some areas of our business, our execution in the areas we can control and influence speak to the success and relevance of the company's strategy. Our position in the market, including continued product innovation, market share momentum and operational excellence, positions us for growth and flexibility well into the future as we strengthen our role as a trusted business partner to our customers,” he added.
The company’s revenue represents a 19pc year-over-year growth for the company, and cash flows from operations were US$1.7bn for the first quarter of fiscal 2011, compared with US $1.5bn for the first quarter of fiscal 2010, and compared with US$3.2bn for the fourth quarter of fiscal 2010.