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Cisco ($CSCO) beats forecasts, recovery under way
Cisco Systems Inc posted a stronger-than-expected profit for its fiscal first quarter and said business was recovering as customers are buying more network equipment again after cutting back for the past year. Chief Executive John Chambers' revenue forecast for the current quarter also exceeded Wall Street expectations, helping the shares rise 3.7 percent after-hours Wednesday. He also said business conditions likely hit bottom in the early part of this year, its fiscal third quarter. "There will be a good chance we will look back to see that Q3 was in fact the bottom, that Q4 was the tipping point, and the recovery started aggressively in Q1 of fiscal '10," he said. Cisco is the world's top vendor of routers, switches and other network equipment used by global businesses, including telephone companies, as well as governments. (money.cnn.com)
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2 total votes | Comments (0) | Created by steve on 2009-11-05 - Login to vote or comment!