Cisco reports Q2 earnings with 8% growth

Following up last quarter's sequential growth, in Q2 Cisco can say they are up year-over-year. Second quarter net sales were $9.8 billion--an increase of 8 percent year-over-year.

Net income was $1.9 billion GAAP, up 28 percent over the same quarter in 2009 with earnings per share up 23 percent. The company sees the perked up earnings as a sign of the economy's recovery. "We believe they provide a clear indication that we are entering the second phase of the economic recovery. During the quarter we saw dramatic across the board acceleration and sequential improvement in our business in almost all areas," said John Chambers, chairman and CEO of Cisco in the earnings release.

Last quarter, Cisco's numbers were stable but not as impressive as the current quarter. In Q1, the company reported its results for the period ended October 24, 2009 with net sales of $9.0 billion (down 13 percent year-over-year). Cisco's GAAP net income was down almost 19 percent year-over-year coming in at $1.8 billion in Q1. If the Q2 results are any indication, things are indeed looking up.

For more:
- read the release [1]

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