Cisco Systems (NasdaqGS: CSCO) reported an "outstanding" third quarter for fiscal 2010 with net sales of $10.4 billion, a 27 percent increase over fiscal Q3 2009, and net income on a GAAP basis of $2.2 billion, an increase of 62 percent year-on-year.
The San Jose, Calif.-based company was one of the first tech giants to be affected by 2008's economic slump, but has rebounded well during what CEO John Chambers called "probably the strongest quarter we've had in our history," according to a Wall Street Journal report.
Switching and routing devices saw a big jump in sales during the quarter as demand for new products increased, with revenue increasing 40 percent and 23 percent respectively.
"It is clear that our game plan for how to handle economic downturns is hitting on all cylinders," Chambers said in a company release.
Cisco continued making investments during the economic downturn, including its purchase of Tandberg and expansion of its market share, and took an optimistic view at yesterday's shareholder conference call that strong results will continue as those investments begin to pay off.
Cisco unveils long-awaited CRS-1 upgrade
Cisco, TANDBERG combined partner program 9 months away
Rumor Mill: Cisco buying Nokia?
Cisco exiting WiMAX RAN market