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Tech giant’s profit soars

Wednesday, Feb. 5, 2003 | 9:42 a.m.

SAN JOSE, Calif. -- Cisco Systems Inc., the world's largest maker of equipment to direct Internet traffic, said second-quarter profit rose 50 percent to a record as the company cut costs faster than sales declined.

Net income increased to $991 million, or 14 cents a share, from $660 million, or 9 cents, a year earlier, the company said. Revenue slipped 2.1 percent to $4.71 billion, the first drop in a year. Revenue this quarter may fall as low as $4.57 billion.

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