Saturday, August 09, 2003

More evidence that the big productivity gains for 2003:II are based on speed-up and increased exploitation -- Stephen Roach's "bad productivity":
But a look at one leading technology company, Internet gear maker Cisco Systems Inc., shows that it's still relying heavily on cost cuts to boost results. Cisco's earnings jumped 27 percent to $982 million in one of the best profit performances by any company in the quarter . . . [even though] Cisco's sales declined by 2.7 percent from last year's already sluggish level.

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