Cisco earnings slide 99%, quick recovery is discounted

From the San Francisco Chronicle: “Reflecting the deep struggles of the telecommunications
equipment industry, Cisco Systems reported quarterly
earnings yesterday that plunged 99 percent from last
year.

Cisco, one of the most heralded companies of the
Internet era, said profit in its fiscal fourth quarter was $7
million (0 cents per share) versus $796 million (11
cents) in the same period last year.”