2009-08-06 07:09:34
Computer firm Cisco Systems has seen its quarterly profits fall by 46%, as its sales have declined in the face of the global economic slump.
For the three months to 25 July, Cisco made a net profit of $1.1bn ( 647m), compared with $2bn for the same period a year earlier.
Despite the big fall, analysts had expected an even steeper decline.
And the firm said the quarter may have seen the bottom of the recession-related downturn.
"We saw a number of positive signs this quarter in the economy and in our business," said chief executive John Chambers.
Cisco's quarterly sales were down 18% to $8.5bn.
The company is the world's largest manufacturer of computer networking equipment.
Cisco said its cost-cutting program - that has seen about 2,000 workers sacked - was over.