Cisco beats forecast with record Q1 profits

Cisco has reported record profit and revenue increases during its fiscal first quarter, relying on US growth after weakened European sales.

The networking equipment company reached US$11.9 billion during the quarter, representing a 6% increase from the year earlier.

Net income also increased, 18% year over year, to $2.1 billion with earnings per share standing at $0.39.

"We delivered record results this quarter -- with revenue growth of 6 percent and strong earnings per share growth -- demonstrating our vision and strategy are working," says John Chambers, chairman and chief executive officer, Cisco.

"Our innovation engine, operational discipline and on-going evolution are enabling us to differentiate in the market."

"Cisco is at the center of the major market transitions -- cloud, mobility, video -- and yet we believe the largest market transition lies ahead of us, as the Internet of Everything becomes a reality.

"Cisco has the unique ability to turn information that will flow across networks into new capabilities and richer experiences.

"The Internet of Everything will create unprecedented possibilities for businesses, individuals and countries, and Cisco is poised to lead and fully maximize the opportunities of this evolution."