Cisco, the world’s largest networking equipment maker, posted net income of $1.3 billion for its fiscal third quarter; that period ended April 25. In the same quarter a year earlier, Cisco saw profit of $1.8 billion. Sales plummeted 17 percent to $8.2 billion, a decrease from 20 percent in the third fiscal quarter of 2008. Analysts had predicted revenue of $8.1 billion this time around.
CEO John Chambers said the economy seems to be stabilizing and that Cisco has seen the lowest order rates it likely will.