Networking industry giant Cisco has posted strong full year results, beating analyst forecasts and demonstrating resilience in the face of an economic slowdown.
The company, whose products include switches, routers and networking software, saw its revenue increase by 13 per cent to top £20 billion over the year. Net profit rose by 9.8 per cent.
Annual results were driven by Cisco's fourth quarter. During the last three months of the fiscal year sales increased by 9.9 per cent while net income rose by 4.4 per cent compared to the same period the year before.
Chief executive John Chambers said: "Cisco delivered solid quarterly and annual results as network-enabled business process changes and productivity increases gain traction on a global basis."
He said the company remains focused on its portfolio approach to technology innovation and plans to expand its share of customer spend by moving "aggressively" into new markets.
Cisco's results caused other technology stocks listed on the Nasdaq to rise, sending the market 1.2 per cent higher. The company's own shares rose 5.7 per cent.
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Last Updated: 07/08/2008 17:09
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