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.