Tech giant Cisco Systems last night reported that its most recent quarterly earnings jumped 35% from a year earlier to $987m but sales slipped amid the ongoing IT spending slump.
Excluding special items, the profit in the fiscal third quarter through April was 15 cents a share, slightly better than Wall Street estimates, but sales fell by 4.2% to $4.6 billion as companies continued to tighten their IT spending budgets.
'As we navigate through these challenging market transitions, we are particularly pleased with our solid financial and operational performance during the quarter,' said John Chambers, president and chief executive.
'We are positioning ourselves for growth as the economy recovers, whenever that may be,' he added.
