Network equipment supplier Cisco reported flat profits of £1.38bn on sales that rose 8.1% to £6.46bn for the first quarter ending 25 October.
Chairman and CEO John Chambers said, "Cisco delivered solid revenue and earnings growth in what is clearly a very challenging global economy."
However, cash flow from operations was down sharply to £1.69bn for 1Q09, compared with £1.95bn a year ago, and £2.20bn for the previous quarter.
Chambers said Cisco would focus on managing its resources, invest in innovation, and strengthen relationships with its customers.
"The essential role that the network plays in driving business productivity and competitive advantage is more relevant than ever in this current macro-economic environment," he said.