Cisco CEO John Chambers has become the latest major IT figure to say the market is starting to show signs of recovery.
The network equipment maker announced a drop in turnover of 17% to $8.2bn from $9.8m a year for its third quarter and a dip of 24% in profit from $1.8bn from $1.3bn. It had a poor performance from almost all product areas bar services, which rose by 9%. Chambers said it was focused on the upturn.
Total product revenue was down by $6.4bn down by 22%, switches revenue dropped by 20% and routers dropped by 32%.
Chambers added that Cisco continued to focus on driving down its operating expenses and had trimmed that figure by $1.5bn in Q3.
But he said the most frequently asked question by investors and customers was the view that Cisco had around the state of the market and the timing of an upturn.
"For the first time in many quarters many of our global customers are describing their business momentum in a different way than the prior quarters," he said.