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Strong 1Q, But Cisco Execs Wary

Cisco Systems sales to businesses grew more in the first quarter of fiscal 2006 than in any of the last five. The network-market leader benefited from rapid growth in a few product areas, including storage, networking, and IP communications.

Still, Cisco expects slower growth the next three months. "It's too early to say it's turned around," chief development officer Charles Giancarlo says. Cisco's quarterly revenue rose 9.7% from a year ago, to $6.5 billion. Net income slipped slightly to $1.3 billion, due in part to expensing stock options, which it didn't do last year.