Associated Press, LTW

Cisco Systems Inc. (Nasdaq: CSCO), the world’s largest maker of computer networking equipment, reported fiscal-third quarter earnings that from last year’s doldrums. And optimism is strong within the company about global economic recovery, says its chairman and chief executive officer.

During a conference call with investors, CEO John Chambers was asked about developments in the last few weeks, when Europe has been hammered by the Greek debt crisis, sparking fears of another global economic down turn.

Question: Have you have had discussions with business managers that might suggest there’s more caution over there?


“In terms of nervousness, I think it had everybody’s attention in Europe, but we have not seen anything unusual from our teams, and actually they’re forecasting a reasonably good Q4 from the European side, with the appropriate caveat that if there’s one theater we’re watching, we watch one carefully, but have I haven’t seen anything that makes us abnormally concerned at this time.

“In fact, we told our top, I think it was 1,800 partners, the other day in a meeting, we said ‘How many of you anticipate the second half of the year being year-over-year growth than the first half?’ It was all but maybe one or two percent raised their hand.

“So optimism is pretty good around the world, I think there will always be a couple of challenges as we now see in Europe. I think we’re cautiously optimistic they’ll work through that."

Chambers also broke down global growth as seen by Cisco, with information provided by Seeking Alpha:

“Again, the total U.S. grew year-over-year approximately 34 percent; Europe, approximately 40 percent; emerging markets in the high 40s; Asia-Pacific, approximately 34 percent .

“The balance across these customer segments was remarkably very solid in each of these theaters as well. Japan continues to see some challenging economic times. And our growth in Japan was up 2 percent year-over-year.

“In the U.S., to provide additional detail, the enterprise grew 27 percent , public sector 44 percent , service providers grew 30 percent , commercial grew 34 percent and consumer grew 64 percent , all on a year-over-year basis.

“Given the interest that many of you have on specific countries around the world and specifically as it relates to Europe, the following is a summary of some of our top countries’ year-over-year growth. The U.K. grew 28 percent. Germany grew 12percent . France grew 27 percent. The Netherlands grew 23 percent. Italy was down 1 percent. And Switzerland grew 28 percent.

“And the rest of the world: Canada grew 36 percent; Australia grew 22 percent; Brazil grew 80 percent, India grew 40 percent, Mexico grew 63 percent, China grew 24 percent and Russia grew 31 percent year-over-year.”

For the full call transcript,

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