Networking giant Cisco Systems has announced an impressive profit leap of 44 per cent on a year ago, indicating increased expenditure on technology as a whole.
The ubiquity of Cisco’s routers, software, switches and services throughout the world’s technical infrastructure means the company’s financial gain reflects positively on the tech industry overall.
The US firm made $3.1 billion (£1.99 billion) over the past three months running to the end of January, a significant rise on profits over the same period a year ago. The figure included tax credits and benefits of almost $1 billion (£650 million).
"Cisco delivered record earnings per share this quarter and record revenue for the 8th quarter in a row in a challenging economic environment,” said John Chambers, Cisco chairman and CEO. “We continue to drive the innovation, quality and leadership our customers expect, and we remain focused on consistent returns to our shareholders.”
Chambers also commented that the Cisco network can remain at the heart of the evolving technology landscape.
"In terms of the future, we are making solid progress towards our goal of becoming the number one IT company in the world. As new markets grow and are created, such as the Internet of Everything, it's very easy to see how the intelligent network is at the center of that future.”