Cisco reported quarterly net sales of $10.4 billion, an increase of 10% year over year, and quarterly earnings per share of $0.33 GAAP, an increase of 6% year over year, or $0.40 non-GAAP, an increase of 11% year over year. For its full FY08, Cisco achieved record revenue of $39.5 billion, up 13% year over year.
"Cisco delivered solid quarterly and annual results as network-enabled business process changes and productivity increases gain traction on a global basis," said John Chambers, chairman and CEO, Cisco. "Today's strong results demonstrate the company's ability to execute. The market is clearly in transition, and we will use this time as an opportunity to expand our share of customer spend and to aggressively move into market adjacencies." 
Some highlights from the quarter:
- For its Q4 FY08, product order growth was approximately 10% y/y, while service order growth was approximately 20% y/y/.
- Gross product margin (non-GAAP) was 65.2%
- Routing revenue was up 8% y/y while CRS-1 revenue was up 85% y/y
- Switching revenue was up 5% y/y
- Advanced Technologies revenue was up 15%, unified communications revenue was up 29% y/y, and application networking services grew approximately 30% y/y.
- Service Provider order growth was up approximately 5% y/y
- Cash flows from operations were $3.5 billion for the fourth quarter of fiscal 2008, compared with $2.7 billion for the fourth quarter of fiscal 2007, and compared with $3.0 billion for the third quarter of fiscal 2008. Cash flows from operations were $12.1 billion for fiscal 2008, compared with $10.1 billion for fiscal 2007.
- Cash and cash equivalents and investments were $26.2 billion at the end of fiscal 2008, compared with $22.3 billion at the end of fiscal 2007, and compared with $24.4 billion at the end of the third quarter of fiscal 2008.
