NetworkWorld: Networking vendor Cisco reported record revenue of $11.6 billion for the quarter ending April 28, a 6.6 percent year-over-year increase. Net income was $2.2 billion, or $0.40 per share, beating Wall Street expectations. However, the company's forecast of 2 percent to 5 percent growth for the next quarter fell short of analyst expectations, driving the company's share price down.
The company credits growth in cloud computing for much of its success in the most recent quarter. "In a world of clouds, video and mobile device proliferations, the role of the intelligent network has never been greater and our value proposition with our customers is the strongest it has ever been," said CEO John Chambers.