Cisco Systems on Tuesday posted solid if unspectacular revenue growth for its fiscal fourth quarter, reporting sales of US$10.4 billion, up 10 percent from a year earlier, despite economic weakness in some parts of the world.
The company's net income for the quarter, which ended July 26, was $2 billion, or $0.33 per share. Not counting certain one-time items, it came in at $2.4 billion, or $0.40 per share, slightly beating analysts estimates of $0.39 per share, according to a consensus provided by Thomson Financial. The analysts had forecast revenue of US$10.31 billion.
Chairman and CEO John Chambers explained the gains with a familiar refrain in prepared comments, saying the business process changes and productivity gains enabled by networking are gaining traction worldwide.
For its full 2008 fiscal year, Cisco reported revenue of $39.5 billion, up 13 percent from the prior year, and net income of $8.1 billion or $1.31 per share.
(More to follow.)