Cisco has reported a sequential increase in turnover for the first time this year for its first quarter 2002 and is cautiously planning for low quarter-on-quarter growth.
The networking vendor's turnover for the period ended 27 October was $4.4bn (£3bn), down 32 per cent from $6.5bn in the same period last year, but up from $4.3bn in the previous quarter.
Profit, excluding exceptional items, was reported as $332m, compared with $1.4bn in the same quarter a year go.
Chief executive John Chambers said that demand in the hi-tech sector remains poor but insisted that the company was slowly recovering.
Paul Cunningham, marketing director at Cisco distributor ComStor, agreed that Cisco had done well. "The results are pretty encouraging, and are broadly in line with the market as a whole with subtle improvements," he said.
Resellers have also been buoyed by the news. "This is very encouraging for the whole industry and, as a reseller, it gives us strong ammunition," explained Tony Fisher, general manager at reseller Deverill.
"We have sold more Cisco equipment this year than in any previous year because we have focused on the company's products and it has focused more on the channel," he added.
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