The US economy is on the mend and will likely get better, says Cisco CEO John Chambers.
Cisco is often looked at as a bellweather of the economy. That's because Cisco is the biggest player in the networking equipment market and its customers are the some of the biggest companies in the world.
When things are going well for them, they hire people, open offices and commercial spaces and need to buy more routers, switches, and other IT equipment to grow their networks.
When they hit on hard times, they trim their IT budgets and orders slow down for Cisco.
"I like the trends in the United States," Cisco's John Chambers told Wall Street analysts on its quarterly conference call on Wednesday. He's expecting a "continued slow, steady recovery" in the U.S. economy and globally.
Cisco just announced a beat in its latest quarter, which Chambers called its ninth consecutive quarter of record revenue. Cisco reported growth in all four of its segments: enterprise, commercial, service provider, and government.
It hit revenues $12.22 billion where analysts expected $12.17 billion and hit earnings per share of 51 cents, versus expectations of 49 cents.
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