US Internet technology giant Cisco Systems last night reported a 27.2% surge in fourth quarter net profit despite a modest slide in sales.
Net profit rose to $982m or 14 cents a share in the three months to July 26, but sales slid 2.6% to $4.7 billion.
Much of the profit jump was caused by a $178m fall in expenses related to the cost of writing down the value of acquisitions, the company said. Research costs also tumbled.
'We are pleased to report another solid quarter in a challenging market,' Cisco Systems president and chief executive John Chambers said.
Net profit for the full year to July 26 shot up 89% to $3.58 billion while sales fell 0.2% to $18.88 billion.
