Cisco nets $2.7bn profits

NEWS Cisco has posted strong results in its latest financial quarter, reporting profits of $796m - up from $605m for the same period last year. Net income for the year ending 29 July stood at $2.67bn, up from just over $2bn in fiscal 1999. The networking giant generated sales of $18.9bn over the 12 month period, up 55 per cent from last year. John Chambers, president and CEO of Cisco Systems, said in a statement: "We were very pleased with the balance of our business across all key geographies, products and lines of business."