Cisco Systems will add 1,000 sales and engineering jobs
by the end of the year after posting successful third-quarter
earnings numbers which included a $1bn (£566m) increase in sales
and net income of $1.2bn.
The hiring plans are being seen as good news in the high-tech
sector, which has been hit hard since 2000, when the stock market
bubble began to burst, taking a huge amount of tech industry
enthusiasm with it.
Net sales for Cisco's financial third quarter, which ended 1
May, totalled $5.6bn, a 21.7% increase from a year ago, when net
sales totalled $4.6bn.
Net income for the third quarter of 2004 on a GAAP basis was
$1.2bn, compared with $987m for the third quarter of 2003. Pro
forma net income for the third quarter was $1.4bn compared with
$1.1bn a year ago.
"We are pleased to have achieved record earnings per share this
quarter - marking our eighth consecutive quarter with pro forma net
income exceeding $1bn, and the strongest cash flow from operations
in the company's history," said John Chambers, Cisco's president
and chief executive officer.
"This momentum was achieved through sequential order growth
across all major product categories and solid progress in our
advanced technologies including security, wireless Lan and IP
telephony."
Chambers revealed that the company would be hiring 1,000 workers
by the end of the year, based on the positive results.
Spokeswoman Robyn Jenkins-Blum said the new jobs will be in
sales and engineering primarily in the US and are a direct result
of the company wanting "to meet business needs and growth
requirements".
Todd R Weiss writes for Computerworld