Networking equipment maker Cisco Systems Inc posted second-quarter profits of 1.5 billion dollars Wednesday. The results handily beat analyst expectations as sales dropped less than expected and the company cut costs aggressively, dpa reported.
The Silicon Valley company's 1.5-billion-dollar profit still marked a steep plunge from the 2.06 billion dollars it earned in the same quarter a year earlier. Sales fell less than predicted, to 9.09 billion dollars down from 9.8 billion dollars last year, but beat the average estimate of 9.02 billion dollars.
"Cisco showcased solid financial strength during a period of significant economic challenge," chief executive John Chambers said. "We intend to accelerate the alignment of our resources to prioritize future growth opportunities, gradually decrease our operating expenses, while building even stronger customer relationships to position Cisco for ongoing, long-term market leadership."