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Cisco records improved Q2 earnings

Cisco Systems’ has recorded improved quarter-on-quarter earnings for the second fiscal quarter of 2002, but figures still remain down from the same period in 2001.

Cisco Systems’ has recorded improved quarter-on-quarter earnings for the second fiscal quarter of 2002, with net income increasing to $660 million from a net loss of $268 million in the first quarter. However, figures are still down from the $874 million earned during the same period last year.

Cisco’s net sales also improved by 8% during the first half of the year, moving from $4.4 billion in the first quarter to $4.8 billion in Q2. But net sales were down 29% from 2001, when Cisco raked in $6.7 billion in the second quarter.

Cisco’s president & CEO, John Chambers, remained upbeat about the quarter describing it as “a very solid quarter.”

“Our results reflect Cisco’s position to help our customers with their business priorities – profits, cash flow and productivity. I was especially pleased with our profitable market share gains and strong operational performance in a very challenging market,” he added.

“In almost every area of our business we’ve seen positive evidence of our strategy working, from market share gains and cash generation to inventory turns and gross margin improvements. While there is always room for improvement, I don’t think Cisco has ever been better positioned to achieve our long-term goals,” claimed Chambers.

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