Today, we reported our first quarter results for the period ended October 30, 2010. We reported first quarter net sales of $10.75 billion, net income on a generally accepted accounting principles (GAAP) basis of $1.9 billion or $0.34 per share, and non-GAAP net income of $2.4 billion or $0.42 per share. Q1 was a solid quarter for Cisco from a financial, product, customer and geographic perspective. We continue to execute well with a compelling financial position, expanding innovation engine and execution in both our core markets and market adjacencies.
Cisco Chairman and CEO John Chambers commented:
“Cisco delivered solid financial results, during a challenging economic environment. While we have seen capital spending moderate in some areas of our business, our execution in the areas we can control and influence speak to the success and relevance of the company’s strategy. Our position in the market, including continued product innovation, market share momentum and operational excellence, positions us for growth and flexibility well into the future as we strengthen our role as a trusted business partner to our customers.”
Earlier this week, we released our key technology and customer highlights for the quarter, including acquisitions and new products.