Cisco has announced its first quarter results for the period ended October 28, 2006. Cisco reported first quarter net sales of $8.2 billion, net income on a generally accepted accounting principles (GAAP) basis of $1.6 billion or $0.26 per share, and non-GAAP net income of $1.9 billion or $0.31 per share. Scientific-Atlanta, Inc., acquired during the third quarter of fiscal 2006, contributed net sales of $584 million during the first quarter of fiscal 2007.
“Cisco delivered another strong quarter, with record results from a revenue, net income and earnings per share perspective,” said John Chambers, Cisco president and CEO. “This strong momentum demonstrates that customers increasingly share our vision of the network as the platform for all forms of communication and IT.”
“We are in the midst of a market inflection that is changing the landscape of networking, and we believe the network is becoming the platform for the next generation of IT, revolutionizing the way people connect, communicate and collaborate. We laid the cornerstones for our strategy to capture this shift several years ago and believe we are now uniquely positioned for continued growth and increased share of our customers’ total IT spend.”