Profitable Cisco enjoys buoyant Q1

Networking monolith starts FY11 in style with healthy top- and bottom-line spike

John Chambers: Market share momentum and operational excellence position us for growth

Networking titan Cisco enjoyed a solid first fiscal quarter, with sales up almost a fifth and profit rising to nearly $2bn.

For the three months to 30 October, the vendor's sales stood at $10.75bn (£6.7bn), a rise of 19.2 per cent on the corresponding period last year. Net profit was up eight per cent annually to $1.9bn.

During the quarter Cisco closed the acquisition of two companies: content management system specialist ExtendMedia and wireless technology player Arch Rock. Chief executive John Chambers claimed his company is well poised after a robust Q1.

"Cisco delivered solid financial results, during a challenging economic environment," he said. "While we have seen capital spending moderate in some areas of our business, our execution in the areas we can control and influence speak to the success and relevance of the company's strategy.

"Our position in the market, including continued product innovation, market share momentum and operational excellence, positions us for growth and flexibility well into the future as we strengthen our role as a trusted business partner to our customers."