Revenue for the quarter ended Jan. 24 was US$9.1 billion, down 7.5 percent from the second quarter of fiscal 2008. Profit fell even more steeply, with net income hitting $1.5 billion, down 27 percent from a year earlier. Cisco earned $0.26 per share, down more than 20 percent from the earlier quarter.

However, the company did meet Wall Street analysts' expectations for revenue and for earnings not counting special items. Analysts surveyed by Thomson Reuters had expected revenue of $9 billion and earnings of $0.30 per share.

"Cisco showcased solid financial strength during a period of significant economic challenge," Chairman and CEO John Chambers said in a press release. "We remain comfortable with our long-term vision and strategy as we move into new market adjacencies and prioritize our existing opportunities."

The gloomy results come after a string of major IT companies reported losses or dramatic revenue and profit falls for periods coinciding with the stock-market and credit crash last year.

Cisco sees hard times continuing for the near future, forecasting revenue for the current quarter to be down between 15 percent and 20 percent from a year earlier, Chambers said. Business slowed during the second quarter and finally was down 20 percent year-over-year in January, he said.