Cisco revenue beats forecasts

Cisco reported an 18 per cent profit fall in the quarter to the end of January yesterday, to $1.5bn (£931m) from $1.9bn in the same period a year earlier. Revenues rose six per cent to $10.41bn, beating analyst forecasts of $10.23bn revenue. Despite the profit fall, earnings per share were 37 cents, higher than the 35 cents a share consensus forecast. The IT network giant shrugged off analysts’ concerns over growing competition and budget cuts among its debt-burdened public sector clients.