Cisco Systems Sees 40% Growth in Quarterly Profits

6:15 am on February 8, 2007 | Category: Business, Corporate

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Technology giant, Cisco Systems, announced a 40% increase in quarterly profits for the three months ending on January 27, fueled by high demand for broadband networking equipment.

Cisco generated profits of $1.9 billion for the quarter, compared to $1.4 billion in the same period a year previous. The company also increased its financial outlook for the current quarter, due to ongoing growth in the market for routers and switches capable of carrying video downloads and other high-bandwidth transmissions over IP networks.

This news dispelled fears of a slowdown in the networking sector, and gave Cisco’s stock price an immediate 5% boost in after hours trading.

“Cisco achieved record results that were well balanced across our geographies, products, services, customer segments and new markets,” commented Cisco CEO, John Chambers, on the company’s earnings report.

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    Edited by Jeremy Maddock