Cisco sales shoot up nearly 30% in Q4
Cisco has released its fourth quarter earnings, with net income rising nearly 79% to $1.9 billion on sales of $10.8 billion.
Networking vendor Cisco has reported strong fourth quarter results, with sales shooting up 27% to US$10.8 billion. Net income on a GAAP basis was $1.9 billion for the quarter, representing an exceptional 79% rise over Q4 2009.
"This was yet another very strong quarter with a number of record financial results for Cisco, closing the fiscal year in a tremendous position of strength-a compelling financial model, a well-tuned innovation engine and solid execution on our growth strategy," said John Chambers, chairman and CEO, Cisco on the earnings announcement.
For the fiscal year, on a GAAP basis the company had a net income of $7.8 billion on sales of $40 billion, a 26% improvement compared to the last year.
Chambers believes the firm's success continues to swim against the global tides of recession: "Whether the global economy continues to show mixed signals or not-the strength of our financial model and profit generation serves us well. As we continue to successfully grow our business and share of IT investments, our focus is squarely on helping our customers accelerate productivity and growth. We are very confident in our strategy, and will continue to aggressively move into new areas where the network is becoming the platform, and where our customers want us to invest and innovate."