Cisco back to pre-slump growth in Q3

The company's revenue grew 27 percent in the quarter ended May 1

Cisco Systems emerged from the effects of the global economic downturn in its fiscal third quarter ended May 1, posting what Chairman and CEO John Chambers said was probably the company's best quarter ever.

Revenue grew 27 percent from a year earlier to US$10.4 billion while net income increased 61 percent to $2.2 billion or $0.37 per share, based on generally accepted accounting principles. Not counting certain one-time items, Cisco earned $0.42 per share, well over the consensus analyst forecast of $0.39 per share, according to a poll by Thomson Reuters. Analysts had forecast revenue of $10.24 billion.

In a statement, Chambers said Cisco had registered record revenue and earnings per share and returned to a trend of balanced growth around the world that it had not seen since before the downturn. He also said Cisco is gaining market share and commanding a larger portion of its customers' spending.

(More to follow.)

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