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February 2, 2010

Cisco Q2 net sales up 8% to $9.8bn

Net income up 23.2% year over year

By CBR Staff Writer

Cisco has reported net sales of $9.8bn for the second quarter of 2010, an increase of 8%, compared to $9.1bn for the same period last year.

The company posted an operating income of 2.37bn for the second quarter of fiscal 2010, compared to $1.77bn for the same period last year.

For the quarter ended January 23, 2010, the company reported a net income of $1.9bn, an increase of 23.2% compared to $1.5bn for the same period a year ago. Diluted earnings per share was $0.32, an increase of 23.1%, compared to $0.26 for the corresponding period last year.

John Chambers, chairman and CEO of Cisco, said: “Our outstanding Q2 results exceeded our expectations and we believe they provide a clear indication that we are entering the second phase of the economic recovery. During the quarter we saw dramatic across the board acceleration and sequential improvement in our business in almost all areas.”

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Cash flows from operations were $2.5bn for the second quarter of fiscal 2010, compared to $3.2bn for the second quarter of fiscal 2009. Cash and cash equivalents and investments were $39.6bn, compared to $35.0bn.

Mr Chambers, added: We are confident that our aggressive strategy of investing in the business during the downturn and our focus on innovation, operational excellence, and productivity are driving our momentum and growth in the market. We believe that we are extremely well-positioned-by geography, in our customer segments, and in our key product categories-as economies around the world continue to improve and our customers increase their technology investments.

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