Computer networking giant Cisco Systems last night reported that profits in its most recent quarter slipped 27% to $724m, due to a charge linked to accounting changes.
The company's profit excluding special items amounted to $1.3 billion or 18 cents a share, slightly better than the average Wall Street forecast.
Revenues in the company's second fiscal quarter to January 24 rose 15% from a year earlier to $5.4 billion. Over the first six months of its fiscal year, Cisco earnings are up 12.5% from the previous year to $1.81 billion on 10% higher revenues of $10.5 billion.
Cisco results are closely watched as an indicator of technology spending and overall business activity, and company president and chief executive John Chambers said he saw improving conditions.
