Internet growth helps Cisco to healthy Q1 profit

NEWS Cisco has exceeded all predictions for its first quarter results, ending 24 October. Net sales were up 38 per cent on last year at $2.59bn, while net income reached $559m - excluding a one-off charge for the acquisition of the American Internet Corporation. The company's income for the same period last year was $416m. The networking giant's shares rose to 3.4 per cent at $66.13. Chief executive John Chambers said he is pleased with the results. He put the company's revenue growth down to a dramatic increase in awareness of the Internet's business benefits. The company said sales were strong in all of its major markets.