Cisco hit its lowered targets for the third quarter of 2008, increasing sales by 10.4 per cent ahead of targeted growth of 10 per cent.

Sales in the three months ended 26 April were $9.8bn, up from $8.9bn in the same period of 2007. Net income was $1.8bn, down 5.4 per cent on the third quarter of 2007. Earnings per share came in at 29 cents compared to 30 cents last year.

The company did better than expected - Cisco's CEO John Chambers gave gloomy forecasts for the period back in February and warned that US and European customers were cautious.

Worldwide sales boosted a weaker performance in the US where year-on-year growth was "mid single digits", while Asia-Pacific managed high teens and Europe grew by 14 per cent.

Looking forward, Cisco said it remained concerned about the situation in the US and the possibility of it spreading to other geographies, but overall it remains optimistic especially on Japan which is "in growth mode". Even if the market does slow Cisco believes it long-term opportunities are unchanged.

Cisco's summary is here. ®