Still some very impressive numbers
The computer networking giant, the first major technology company to report financial results that include October, when the credit crisis spread beyond financial companies, said Wednesday that its sales fell by 9 percent in the month, compared to a year earlier. Cisco expects sales for its current quarter to drop 5 to 10 percent from the $9.8 billion reported in the same period last year.
“The environment has changed dramatically in the last two months,” John T. Chambers, Cisco’s chief executive, said in a conference with Wall Street analysts.
During its first quarter ended Oct. 25, the company, based in San Jose, Calif., reported net income of $2.2 billion, or 37 cents a share, flat against year-ago net income of $2.21 billion, or 35 cents a share. Excluding charges, Cisco earned 42 cents a share, beating the 39 cents a share Wall Street analysts polled by Thomson Reuters had predicted.