Cisco posts bumper result

Cisco’s profit spiked 63% in its fiscal 3Q10 – covering the three months to May 1 - on the back of record sales of $10.4 billion (€8.18 billion).
The networking leader generated net income of $2.2 billion, as revenue rose 27%.
“We witnessed a return to strong balanced growth across geographies, products and customer segments that we haven't seen since before the global economic challenges began,” chairman and CEO John Chambers said.
“From almost every measurement perspective – revenues, earnings per share, new products, successful acquisitions, internal startups – our results in Q3 were the proof points that our strategy is working and was probably the strongest quarter in our history.”
Net sales for the first nine months of the Cisco fiscal year were $29.2 billion, compared with $27.6 billion for the first nine months last financial year.

Highlights for the quarter included a “smart city” agreement signed with Incheon in South Korea, and the formation of a cloud virtualisation partnership with VMWare.