Cisco Systems' revenue fell 18 percent in its fiscal fourth quarter ended July 25, hitting US$8.5 billion, while its net income dropped to $1.1 billion, or $0.19 per share.
But in a prepared statement, Chairman and CEO John Chambers said the company saw positive signs during the quarter that could signal a rebound in the world economy and the company's business.
"We believe there is a good chance we will look back and see that the tipping point occurred in our business in Q4," Chambers said in the earnings news release.
Not counting one-time items, Cisco's profit was $0.31 per share, better than the consensus analyst estimate of $0.29 per share by Thomson Reuters. Analysts had expected revenue of $8.52 billion.
(More to come.)