Despite the worsening economic situation, Cisco Systems posted solid financial results for its first quarter, including sales of US$10.3 billion.
That figure is up 8 percent compared to the same period last year.
Net income for the quarter, which ended Oct. 25, was $2.2 billion, using generally accepted accounting practices. That's just about the same as the net income the networking giant reported in the same period last year.
Not counting certain charges, Cisco earnings per share for the quarter were $0.42, beating analyst expectations of $0.39, as polled by Thomson Reuters.
Cisco thinks that demand for its networking products will continue to be strong despite the economic downturn because networks drive productivity, the company said in a statement.
(More to follow.)