Cisco saves Billion$
By Asha

Networking and communications giant Cisco has announced a good Second Quarter Earnings result. CISCO has achieved its target of $1 Billion in expense reduction 3 months before schedule.

Cisco reported second quarter net sales of $11.5 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.2 billion or $0.40 per share, and non-GAAP net income of $2.6 billion or $0.47 per share.  Net Income was 43 percent higher as compared to the same Quarter in 2011.

"We delivered strong performance this quarter with record revenue and earnings per share," said John Chambers, Cisco chairman and CEO. "We are executing well on our three-year plan to drive earnings faster than revenue. Our operational focus continues to yield positive results -- we hit our billion dollar expense reduction a quarter early -- and our ongoing innovation enables our customers to solve their critical business needs. You will continue to see a focused and aggressive Cisco that is helping our customers use intelligent networks to transform their businesses."