Cisco reports Q2 income up despite sales dip

Cisco reports Q2 income up despite sales dip

Cisco Systems has reported a 2 per cent fall in second-quarter sales compared with the previous quarter and with the same quarter a year ago. Sales for the quarter totaled $US4.7 billion, compared with $US4.8 billion in both the first quarter of 2003 and in second fiscal quarter of 2002.

Net income for the quarter was higher at $US991 million. By comparison, it was $US660 million for the second quarter of 2002 and $US618 million for the first quarter of 2003.

Cisco CEO, John Chambers, said: "In what is probably the most challenging environment the information technology industry has ever faced, we are very pleased with our results in posting one of the best pro forma quarters in our history and the best ... quarter in terms of net income and earnings per share."

Chambers said Cisco and its competitors remained in a "show-me" economy where businesses were focused on investments that would lead to increased productivity.

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