Cisco reported their fourth quarter earlier this week and as analysts expected, they were down. Sales were $8.5 billion which was down 18% year-over-year, but in the earnings report Cisco CEO John Chambers said that he is starting to see positive signs in the economy.
“Cisco delivered very solid quarterly and annual results in a challenging economic environment, as we continued our focus on disciplined execution and our customers’ success,” stated Cisco Chairman and CEO John Chambers. “We are confident in our strategic position in both existing and thirty adjacent markets. We saw a number of positive signs this quarter in the economy and in our business, especially comparing our sequential quarter-over-quarter order trends. If we continue to see these positive order trends for the next one to two quarters, we believe there is a good chance we will look back and see that the tipping point occurred in our business in Q4.”
According to Kaufman Brothers analyst Shaw Wu, Cisco is showing some impressive month-to-month progress, but year-over-year comps will definitely be tough. Cisco also reported a 46% drop in earnings.
[via Cisco PR/BusinessInsider/WSJ]