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Cisco earns down 19 percent but CEO says orders improving, "tipping point" passed this summer

From The Associated Press, November 4, 2009 - 4:25 PM

Cisco earns down 19 percent but CEO says orders improving, "tipping point" passed this summer

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SAN FRANCISCO (AP) - Cisco Systems Inc. says its quarterly income dropped 19 percent but that recession-dampened orders are improving.

CEO John Chambers says the latest results reinforce that things are getting better after the "clear tipping point" Cisco saw this summer.

Cisco says it earned $1.8 billion, or 30 cents per share, down 19 percent from $2.2 billion, or 37 cents per share, a year ago.

Excluding one-time charges, the world's biggest maker of computer networking equipment earned 36 cents per share. Analysts expected 31 cents per share in net income.

Revenue dropped 13 percent to $9 billion but topped analysts' forecasts for $8.7 billion for the fiscal first quarter that ended Oct. 24.