Cisco Systems Inc. continued a slight rebound in its third quarter ended April 27, increasing sales 2 percent and posting a slight profit after suffering wide losses last year.
The San Jose, Calif., networking company, which announced earnings Tuesday, said that net sales for the quarter were $4.8 billion, up from $4.7 billion in the same quarter a year earlier and the same as the second quarter of fiscal 2002.
Net income followed a similar trend as Cisco earned $729 million in the third quarter, or 10 cents a share. That was a flip-flop from the companys position for the same quarter a year ago when it lost $2.7 billion, or 37 cents a share.
Cisco cited as the reason for its improvements belt tightening as well as a focus on making market share gains by growing 10 percent faster than 10 of its competitors. President and CEO John Chambers also said he expects flat, or slight, growth to continue for Ciscos current fiscal quarter. Those results will be announced on Aug. 6.
Chambers said in a statement that the positive results “indicate that Cisco is well positioned when the economy rebounds.”
“We took the critical steps to position ourselves for an upturn,” he said, “and we are beginning to see the very positive results.”
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