Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Rob C. who wrote (51892)	4/20/2001 9:16:01 AM
From: tonyt	Respond to of 77397

Cisco sales strong in China. no job cuts 4/20/2001 7:42:00 AM BEIJING, April 20 (Reuters) - Cisco Systems sales growth in China has held strong this year and the network equipment company has no plans to cut jobs here, an executive said on Friday. "China's continuing to be a growth country for us," said Gordon Astles, president of Cisco's Asia Pacific operations. China has defied a global downturn in IT spending this year that cut heavily into Cisco's sales and prompted a 17 percent cut in its global workforce. "It would be a safe assumption that it would be foolhardy to cut back in a country that's growing," Astles told Reuters on Friday. CEO John Chambers said on Monday that Cisco's revenues would fall 30 percent in the fiscal third quarter ended April 28 from the previous three months, and that the firm would shed 8,500 jobs. Top rivals Nortel Networks (NT) (NT) and Lucent Technologies Inc (LU) have both either announced large job cuts or issued profit and sales warnings. But Astles said Cisco expects business in China to make up five percent of annual sales, and that quarterly revenues in China are on track to reach US$1 billion for the current fiscal year ending in June. Chambers said in January that China could become Cisco's number two market in three years, from its fifth largest market currently. Astles cautioned that a downturn in global sales could last more than three quarters. With US$23.9 billion in sales in the last fiscal year, Cisco -- which makes Internet network hardware -- is the world's number five telecoms equipment maker. Sales in the Asia Pacific region made up 11 percent of Cisco's revenue in the last quarter, Astles said. REUTERS Rtr 07:42 04-20-01 Selector Code: reuco Copyright 2001, Reuters News Service