Cisco reports boost in net income during Q3 of US$2.2bn
Net income in the third quarter for computer networking equipment maker Cisco Systems Inc increased 20pc to US$2.2bn, or US40 cents as share, compared to US$1.8bn, or 33 cents a share for the same year-ago period.
Earnings for the company increased 14pc to US48 cents a share on an adjusted basis, compared US42 cents a share from the same period last year.
Cisco's net sales totalled US$11.6bn, marking a 7pc increase from US$10.87bn from the same time last year. Sales of routers and switches that connect large corporate computing networks jumped to US$9.11bn, compared with US$8.67bn in the year-ago period.
Revenue from the services division also saw a boost, amounting to US$2.48bn from US$2.20bn in Q3 of last year.
"We delivered solid results this quarter with record revenue and non-GAAP earnings per share," said John Chambers, Cisco chairman and CEO. "We are successfully executing against our long-term strategic plan of growing profit faster than revenue, and in a cautious IT spending environment, we continue to outperform our competitors.
"In a world of clouds, video and mobile device proliferations, the role of the intelligent network has never been greater and our value proposition with our customers is the strongest it has ever been," Chambers added.