Cisco Systems has reported higher-than-expected profits and sales for its fiscal second quarter, suggesting the networking giant may be rebounding from the economic downturn.
Cisco Systems has reported its second quarter results for the period ending January 26, 2002. Net sales for the second quarter of fiscal 2002 were $4.8 billion, a sequential increase of 8% from the $4.4 billion in net sales for the first quarter of fiscal 2002. Actual net income for the second quarter of fiscal 2002 was $660 million.
Net sales for the first six months of fiscal 2002 were $9.3 billion, compared with $13.3 billion in net sales for the first six months of fiscal 2001, a decrease of 30%.
This was a very solid quarter, said John Chambers, President and CEO, Cisco Systems. Our results reflect Cisco’s unique position to help our customers with their business priorities – profits, cash flow and productivity. I was especially pleased with our profitable market share gains and strong operational performance in a very challenging market, as well as our continued improvement to an already strong balance sheet.