Cisco Systems has reported fourth quarter profit down by nearly half and revenue down by 18 percent.The networking specialist announced net sales of US$8.5 billion (AU$10.1 billion), with net income down 46 percent to US$1.1 billion (AU$771m).Like most major IT suppliers finding sales more difficult to come by in the recession, Cisco presented the results as a positive outcome under pressure. "Cisco delivered very solid quarterly and annual results in a challenging economic environment, as we continued our focus on disciplined execution and our customers' success," said Cisco chief executive John Chambers."We saw a number of positive signs this quarter in the economy and in our business, especially comparing our sequential quarter-over-quarter order trends. If we continue to see these positive order trends for the next one to two quarters, we believe there is a good chance we will look back and see that the tipping point occurred in our business in the fourth quarter."For the full year, revenue dropped 8.7 percent to US$36.1 billion (AU$43 million), with net income down 23.8 percent to US$6.1 billion (AU$7.27 million).
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