Cisco Systems' revenue for its third fiscal quarter fell 17 percent from a year earlier, while net income plunged 21 percent to US$1.3 billion, or $0.23 per share.
Despite the declines, Cisco delivered solid financial performance given the weak global economy, and is well positioned for the eventual recovery, Chairman and CEO John Chambers said in a statement. The dominant networking vendor is considered a bellwether of technology, and its results and forecasts are being closely watched as signs of the economy's health.
Revenue fell to US$8.2 billion in the quarter, which ended April 25.
Excluding certain one-time items, Cisco reported net income of $1.08 billion or $0.30 per share. Analysts polled by Thomson Reuters had expected earnings of $0.25 per share on revenue of $8.07 billion.