Cisco has reported its first quarter results for the period ended October 30, 2010. Cisco reported first quarter net sales of $10.75 billion, (an increase of 19% year over year) net income on a generally accepted accounting principles (GAAP) basis of $1.9 billion or $0.34 per share, and non-GAAP net income of $2.4 billion or $0.42 per share.
"Cisco delivered solid financial results, during a challenging economic environment. While we have seen capital spending moderate in some areas of our business, our execution in the areas we can control and influence speak to the success and relevance of the company's strategy," said John Chambers, chairman and CEO, Cisco. "Our position in the market, including continued product innovation, market share momentum and operational excellence, positions us for growth and flexibility well into the future as we strengthen our role as a trusted business partner to our customers."