In another sign that the global economy has picked up, Cisco Systems Inc. reported third quarter net sales of US$10.4 billion and net income of US$2.2 billion.

“Our financial results were outstanding, achieving record level revenue and earnings per share results,” said said chairman and CEO John Chambers in a news release. “We witnessed a return to strong balanced growth across geographies, products and customer segments that we haven't seen since before the global economic challenges began. We emerge from this downturn gaining market share, a larger share of the total wallet spend of our customers, dramatically improved customer relations as a trusted technology and business partner, and having next-generation products in almost every product category.”

The results were for the third quarter ending May 1, which had 14 weeks compared with 13 weeks in the third quarter of fiscal 2009 so are not directly comparable.

For those interested, net sales for the first nine months of fiscal 2010 were US$29.2 billion, compared with US$27.6 billion for the first nine months of fiscal 2009. Net income for the first nine months of fiscal 2010, on a GAAP (generally accepted accounting principles) basis, was US$5.8 billion, compared with US$5.1 billion for the first nine months of fiscal 2009. Non-GAAP net income for the first nine months of fiscal 2010 was US$6.9 billion.

During the quarter Cisco completed its purchase of video communications systems manufacturer Tandberg, which will expand its presence in videoconferencing.

Would you recommend this article?

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication. Click this link to send me a note →

Jim Love, Chief Content Officer, IT World Canada
Previous articleHow shocking is your wireless bill?
Next articleTeraGo to launch voice service soon
Howard Solomon
Currently a freelance writer, I'm the former editor of ITWorldCanada.com and Computing Canada. An IT journalist since 1997, I've written for several of ITWC's sister publications including ITBusiness.ca and Computer Dealer News. Before that I was a staff reporter at the Calgary Herald and the Brampton (Ont.) Daily Times. I can be reached at hsolomon [@] soloreporter.com