Cisco announce first quarter results

Cisco has reported first quarter net sales of $10.3 billion as part of its results for the period ending October 25, 2008. This was on a net income on a generally accepted accounting principles (GAAP) basis of $2.2 billion or $0.37 per share, and non-GAAP net income of $2.5 billion or $0.42 per share.

"Cisco delivered solid revenue and earnings growth in what is clearly a very challenging global economy," said John Chambers, chairman and CEO, Cisco. "Our strategy and focus for managing the business through this market transition is clear - we will manage and prioritize our resources, invest in innovation, and build even stronger relationships with our customers to help enable their success."

"The essential role that the network plays in driving business productivity and competitive advantage is more relevant than ever in this current macro-economic environment,” continued Chambers. “Just as we helped our customers tap the productivity and competitive advantages afforded by the first wave of the Internet, once again we are leading the transition in this second wave to create new business models built for speed, scale, flexibility and productivity, enabled by the network."