InfoAnda - Solid quarter for Cisco but clouds on horizon

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Solid quarter for Cisco but clouds on horizon AFP - 1 hour 39 minutes ago NEW YORK (AFP) - - US computer networking giant Cisco reported a solid quarterly performance but warned the global economic downturn would take its toll in the current quarter and layoffs cannot be ruled out. ADVERTISEMENT Cisco reported a net profit of 1.5 billion dollars for the October-December quarter of its fiscal year, down 27 percent from the 2.1 billion dollars during the same period a year ago but better than Wall Street analysts' expectations. Revenue fell 7.5 percent to 9.1 billion dollars in the quarter, the San Jose, California-based maker of switches and routers said. The quarter included a four-day shutdown over the New Year's holiday of nearly all of Cisco's operations in the United States and Canada to cut costs. "Cisco showcased solid financial strength during a period of significant economic challenge," Cisco chairman and chief executive John Chambers said in a statement. "We remain comfortable with our long-term vision and strategy as we move into new market adjacencies and prioritize our existing opportunities. "We intend to accelerate the alignment of our resources to prioritize future growth opportunities, gradually decrease our operating expenses, while building even stronger customer relationships to position Cisco for ongoing, long-term market leadership," he added. In a conference call with analysts and reporters, Chambers said he expected revenue to fall by between 15 percent and 20 percent this quarter, more than forecast by analysts. He said the company hoped to avoid layoffs but a dramatic deterioration of the economic situation could lead to job cuts of at least 10 percent of the company's workforce of some 67,000. In electronic after-hours trading after the results were released, Cisco's share price fell 3.72 percent to 15.25 dollars. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Technology Solid quarter for Cisco but clouds on horizonAFP - 1 hour 39 minutes ago Mobile phones fight disease, uncover news in developing landsAFP - Thursday, February 5 Nine-year old whiz-kid writes iPhone applicationReuters - Thursday, February 5 Facebook turns fiveAFP - Thursday, February 5 US House approves digital TV delayAFP - Thursday, February 5 Enlarge Photo US computer networking giant Cisco reported a solid quarterly performance but warned the global economic downturn would take its toll in the current quarter and layoffs cannot be ruled out. Most Popular – Technology Viewed Madoff fraud hit up to 3 mln victims: law firm Bombshell withdrawals rock Obama administration 'Horrifying' year for SAS ends with losses, layoffs Global warming 'irreversible' for next 1000 years: study 'Sex Bomb' Tom Jones goes grey View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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