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With Storage Growing, Cisco Aims for China

Cisco, buoyed by strong first-quarter performance from its storage business, is preparing an assault on the burgeoning Chinese market.

In its first-quarter fiscal 2008 results last night, Cisco reported revenues of $9.6 billion, up 16.7 percent on the same quarter last year, just beating analyst estimates of $9.54 billion.

Cisco's Advanced Technologies group, which includes its storage offerings, accounted for $2.4 billion of first-quarter revenues, a hike of 27 percent on the same period last year.

On a GAAP basis, Cisco reported earnings per share of 35 cents on net income of $2.2 billion, up from 26 cents and $1.6 billion in the first quarter of last year.

The vendor's non-GAAP earnings were 40 cents on net income of $2.5 billion, compared to 31 cents and $1.9 billion in the year-ago quarter. Analysts had estimated earnings of 36 cents.

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