Network equipment maker Cisco said last night it earned a pro forma profit of $660m in the most recent quarter, or nine cents per share. The figure was four cents over what Wall Street analysts had predicted.
The results for the second fiscal quarter were better than the previous three-month period in which Cisco lost $268m, but well below the level of a year earlier when the company made a profit of $874m.
'This was a very solid quarter,' said Cisco CEO John Chambers. '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.'
At one time, Cisco stock was considered the gold standard of the Internet stocks, but a harsh downturn in technology markets has sunk Cisco's worth.
