By Mark Sutton
Cisco beats market expectations, passes $10 billion sales for first time in fourth quarter
Cisco has beaten analyst expectations, and delivered its first ever $10 billion sales quarter for Q4 2008.
Posting results for Q4 and for the year, the company said that while market conditions were not ideal, Cisco continues to invest in expanding in global operations and R&D.
Income for Q4 was $2 billion, up from $1.9 billion for Q4 07, on sales of $10.4 billion. For the year, net income hit $8.1 billion, with sales up 13% on the previous year.
John Chambers, chairman and CEO, Cisco said: "Today's strong results demonstrate the company's ability to execute. The market is clearly in transition, and we will use this time as an opportunity to expand our share of customer spend and to aggressively move into market adjacencies.
"Our focus is on our portfolio approach to technology innovation, a broad global footprint, and management dedicated to sustainable differentiation and execution. We believe we are entering the next phase of the Internet as growth and productivity will centre on collaboration enabled by networked Web 2.0 technologies," Chambers added.