Cisco eyes new markets as downturn curtails profits

Marguerite Reardon CNET News.com Published: 06 Aug There's no doubt that the battered economy is affecting technology bellwether Cisco, but the company is looking to the future with plans for big investments across its portfolio in "adjacent markets". On Tuesday, Cisco reported that earnings for its fourth fiscal quarter of 2008 were up 4.4 percent to $2bn (£1bn) on revenue that climbed 9.9 percent to $10.36bn. The results were in line with analyst expectations, but were far removed from the company's results during some of its best quarters, when the economy was strong and healthy. Cisco chief executive John Chambers said he expects the company to continue to be affected by the downturn in the economy. He said projected sales would grow by about eight percent in the first fiscal quarter and by about 8.5 percent in the second... [read full story]