Cisco’s financial announcement last week was welcome news for financial markets in a state of turmoil. Cisco shares climbed 16% on Thursday when the company reported positive results. Public sector growth was down 4% year-over-year, with US federal down 18% and State/local down 2%. As for switching, revenue was actually up 4% over last year, but gross margins were down about 1.4%. To maintain margins, Cisco would have to keep cutting, especially in its high-touch salesforce.”]