Cisco Reports Q1

SAN JOSE, Calif. -- Cisco (NasdaqGS:CSCO - News)

Cisco (NasdaqGS:CSCO - News), the worldwide leader in networking that transforms how people connect, communicate and collaborate, today reported its first quarter results for the period ended October 27, 2007. Cisco reported first quarter net sales of $9.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.2 billion or $0.35 per share, and non-GAAP net income of $2.5 billion or $0.40 per share. A tax benefit of $162 million or approximately $0.03 per share relating to a settlement of certain U.S. income tax matters was included in both the GAAP and non-GAAP results for the first quarter of fiscal 2008.

"Cisco delivered another record quarter based on balanced execution across the company," said John Chambers, chairman and CEO, Cisco. "We believe these strong results show that Cisco is well-positioned in terms of our vision, differentiated strategy and execution, and our ability to act upon key market transitions.

"We believe the migration to the second phase of the Internet and the proliferation of networked Web 2.0 technologies will help drive dramatic gains in productivity and innovation across all industries. If this market transition continues to unfold as we expect, it has the potential to power Cisco's and the industry's growth for many years to come."Cisco Systems Inc.