US networking giant Cisco Systems said today business conditions had stabilised and that Asia would contribute an increasing share to group revenues in the next few years.
"We see things have stabilised and are a lot better than the months from February to July where they were falling very significantly around the world and in Asia," Cisco vice president of Asia Mr Gary Jackson said.
"We hope the year 2002 will show the kind of improvements that the GDP growth predictors are suggesting, that it will be marginally better than 2001, but we are all just going to have to wait and see".
Chief executive Mr John Chambers told analysts earlier this month Cisco's orders were stable in November and had met expectations.
The California-based company, which makes routers and switches that direct data around the Internet, reported earnings before a number of one-time items fell to $332 million from $1.4 billion for the quarter ending October 31st versus the year before.
Sales for the fiscal first quarter fell 32 per cent to $4.45 billion but topped Wall Street's and Cisco's expectations. Sales rose from the previous quarter's $4.3 billion, the first time that has occurred this calendar year.
Mr Jackson indicated Asia's share of Cisco's global revenues could rise several percentage points from the current 11 per cent in the next few years, thanks to the region's burgeoning Internet users, focus on wireless devices and populous markets.
Cisco's financial strength - the company has $19 billion in cash and no debt - will ensure it remains at the forefront of the competition, Mr Jackson said.