Its nice to see a large corporation who did not recieve "Goverment Bailout money" declare huge earnings! There is hope for our system afterall and this is great news for us! - Cisco's positive report came a week after other technology heavyweights like Intel, Microsoft and IBM all reported improved earnings and revenue, indicating that the worst of the recession is over. Cisco is one of the first major technology companies to report results that include much of January 2010. Its performance and outlook are an indicator for the rest of the technology sector, especially in business spending. Cisco Systems posted a 23-per-cent rise in profits yesterday as a growth in corporate technology spending boosted demands for the company's products.Thats a 1.85-billion-dollar profit, up from 1.5 billion dollars a year ago as revenue climbed 8 per cent to 9.82 billion dollars.
Why is this important to us? It means that Corporations are rapidly investing in infrastructure growth, rapid data transfer systems and mobile communications for the future! They realize that innovative technology is the key to competing in a Global market. Corporations will run leaner but be far more efficient. Those of us who are in the technology business will benefit, of course. Those who are not will need to adapt and learn as much as possible. We will pull out of this recession sooner than we all think! Im excited.
Cisco designs and sells consumer electronics, networking and communications technology and services. 'Our outstanding results exceeded our expectations and we believe they provide a clear indication that we are entering the second phase of the economic recovery,' said Cisco CEO John Chambers. Cisco has more than 65,000 employees and annual revenue of $36.11 billion as of 2009.Chambers also said he expects to hire 2,000 to 3,000 people in the next few quarters, showing Cisco has emerged from a cost-cutting phase.