Cisco Systems, the world's largest maker of computer-networking equipment, has reported a 20% boost in third quarter earnings, amid fears of a slowdown in technology spending. Cisco earned US$2.2 billion (£1.37bn) between February and April, compared with US$1.8 billion for the same period last year.
But chief executive John Chambers warned that continuing economic uncertainty was affecting client spending. Customers are waiting longer to close deals and spending less, Mr Chambers warned. As a result the company forecasts that fourth quarter revenues from May to July will increase by between 2% and 5%, below analysts' forecasts.