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US Recovery Coming Faster Than Expected: Cisco CEO
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Cisco Systems has seen its US business recover more quickly than anticipated, and Chairman and CEO John Chambers said he thinks the global economy has reached the first stage of its recovery.
"Two quarters ago our business was down 20 percent in the U.S. in the large enterprise, [and] this last quarter it was up 10 percent," Chambers told CNBC. "That kind of tipping point is undeniable."
The Asia-Pacific region continues to be the company's healthiest region, and Europe also rebounded more than expected in the most recent quarter, Chambers said. While it's too early to say there won't be another turndown, it looks the economy is heading toward a sustainable recovery, he said.
Cisco [CSCO
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] raised its bid to acquire Norwegian video conferencing company Tandberg by $4 million to $3.4 billion on Tuesday, but Chambers said the company won't further raise its offer. Still, he's confident a deal will be made, he said.
He added that the company is pushing "straight on the gas pedal as hard as we can go" among internal innovation, strategic partnerships and acquisitions.
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