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Business Briefing / Earnings

Cisco profit drops 19% on fewer sales

November 05, 2009|Times Wire Reports

Cisco Systems Inc. Chief Executive John Chambers said the company's latest quarterly numbers reinforce his observation that recession-dampened orders are improving after passing a "tipping point" this summer.

First-quarter net income fell 19% to $1.8 billion, or 36 cents a share. That topped analysts' expectation for 31 cents. Sales dropped 13% to $9 billion but also beat forecasts.

Cisco stock climbed 66 cents, or 2.8%, to $23.95 in extended trading Wednesday after the results were reported.

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