Timeline: Cisco CEO John Chambers’ comments on the economy

(BestGrowthStock) – Cisco Systems Inc Chief Executive John Chambers said on Wednesday that the company’s quarterly results showed “across-the-board acceleration,” indicating a solid economic recovery.

The following are some of his comments on the state of the economy over the past 3 years:

AUG 2007

“I have been in this business for 30 years … It’s the strongest global economy I have been a part of,” he told analysts on a conference call.

NOV 2007

Chambers warned of “dramatic decreases” in orders from U.S. banks.

FEB 2008

Chambers said orders slowed rapidly from December to January in the United States and Europe. “It’s the most cautious I’ve seen CEOs in the U.S. and Europe in many years,” he said.

NOV 2008

He said weakness in the U.S. had spread to other countries and forecast revenue to decline by 5 percent to 10 percent in the new quarter.

“It’s probably the second most difficult time in my career in terms of my comfort level with the forecast.” he said.

FEB 2009

“The length of the downturn is still in question. Being very candid, no one, including us, really knows how long it will last,” said Chambers.

MAY 2009

“You can call it stability, you can call it leveling out … for the first time many of them feel something solid beneath their feet as opposed to going into deeper and deeper water,” he said of his customers.

NOV 2009

As results showed quarter-on-quarter improvement, he said:

“There will be a good chance we will look back to see that Q3 was in fact the bottom, that Q4 was the tipping point, and the recovery started aggressively in Q1 of fiscal ’10.”

FEB 2010

“In our opinion Q2 marked the second phase of the recovery with additional across-the-board acceleration — in other words, balance across the board — in all of our geographies and market segments.”

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(Compiled by Ritsuko Ando; Editing by Phil Berlowitz)

Timeline: Cisco CEO John Chambers’ comments on the economy