18 February 2013

Nigeria: Cisco Profits Rise With Technology Sales

Profits at Cisco, one of the world's largest makers of networking equipment, have increased by 44 per cent on the same period a year ago as spending on technology picks up.

The company made $3.1billion in the three months, as at the end of January, 2013.

The figure, according to report, included tax credits and benefits of almost $1billion.

Cisco got its increased profits from sales of routers, switches, software, and services, and its buyers are both firms and governments around the world.

Cisco's Chief Executive Officer, John Chambers, who confirmed the profit margins of the company, said that although economic conditions were challenging, demand for his company's products was strong.

According to him, "Cisco delivered record earnings per share this quarter and record revenue for the eighth quarter in a row in a challenging economic environment"

Last year the company began a restructuring programme with the aim of cutting expenses by about $1billion.

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