Cisco Earnings: Profit Up 23%

Cisco’s earnings for the quarter ending January 23 surged as the tech giant reported surging sales as the global economy recovers.

Cisco reported second quarter (to Jan 23) net sales of $9.8 billion, up 8% vs the same quarter last year. Net GAAP income came in at $1.9 billion or $0.32 per share, up 23%, and non-GAAP net income (excluding charges for stock-option compensation and one-time charges) of $2.3 billion or $0.40 per share.

The Cisco earnings beat market expectations of non-GAAP net income of $0.35 per share and revenue of $9.4 billion.

“Our outstanding Q2 results exceeded our expectations and we believe they provide a clear indication that we are entering the second phase of the economic recovery” CEO John Chambers said in a statement. “During the quarter we saw dramatic across the board acceleration and sequential improvement in our business in almost all areas.”

CSCO stock traded up 3.64% in after hours trading to $23.91.