Cisco Systems, Inc, the high-flying computer networking company, has reported that its profits nearly doubled in its first quarter, ended October 25th. The San Jose company's net income soared to $337 million (£217 million) from $181 million a year earlier. Net sales jumped 30 per cent to $1.9 billion for the quarter.

Cisco also announced that its board of directors has approved splitting the company's stock 3-for-2 next Tuesday, the sixth split since Cisco went public in February 1990. Cisco's president and chief executive officer, Mr John Chambers, said the company plans to hire 600 engineers and salespeople this quarter. The company currently employs 10,700 people.

--(New York Times Service)