Reporting “strong sequential growth trends that meet or exceed expectations”, Cisco posted quarterly sales of $9.0 billion, down 13% compared to the same period last year, and net income (GAAP) of $1.8 billion or $0.30 per share, and non-GAAP net income of $2.1 billion or $0.36 per share. 
The period marked Cisco’s second sequential quarter of revenue growth. Cash flows from operations were $1.5 billion for the first quarter of fiscal 2010, compared with $2.7 billion for the first quarter of fiscal 2009, and compared with $2.0 billion for the fourth quarter of fiscal 2009. At the end of the quarter, Cisco had $35.4 billion in cash and cash equivalents.
Based on its order momentum, Cisco executives said an economic upturn was underway.
“We view the improving economic outlook, combined with solid execution on our growth strategy, as creating unparalleled opportunity to drive more value into the core of the network. Simply said, we believe that key market transitions across collaboration, virtualization and video will drive productivity and growth in network loads for the next decade, and are evolving even faster than expected,” stated John Chambers, Cisco’s Chairman and CEO.
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