Cisco sees profit, revenue drop

Cisco Systems reported its fiscal third quarter earnings, which included a further drop in both net income and revenue, down 24 percent and 17 percent respectively. Net income was $1.3 billion, down from $1.7 billion for the same quarter last year, and revenue was $8.1 billion, down from $9.7 billion. The vendor giant also said that revenue for the next quarter will be off 17 percent to 20 percent from the same period in 2008. However, Cisco CEO John Chambers also said that the market might be closer to stabilizing, and the most recent quarter's numbers actually beat estimates.

Has anyone else noticed that a lot of the "it's gonna get a lot worse before it gets any better" chatter has begun to dissipate rather quickly in recent weeks?

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