Cisco's CEO and chairman John Chambers has become the latest major IT figure to describe a market that is starting to show signs of recovery.
Despite reporting a drop in revenue of 17% to $8.2bn from $9.8m a year before for its fiscal third quarter, a dip of 24% in net income from $1.8bn from $1.3bn and poor performance from almost all product areas bar services, which rose by 9%, Chambers said it was focused on the upturn.
Total product revenue was down by $6.4bn down by 22%, switches revenue dropped by 20% and routers dropped by 32%.
Chambers added that Cisco continued to focus on driving down its operating expenses and had trimmed that figure by $1.5bn in Q3.
But he said the most frequently asked question by investors and customers was the view that Cisco had around the state of the market and the timing of an upturn.
"For the first time in many quarters many of our global customers are describing their business momentum in a different way than the prior quarters," he said.
"They are seeing some stabilisation and levelling out and that they are finally beginning to have something solid under their feet is the way they are describing their business as opposed to what has been over the last several quarters a continued deceleration in their business," he added.
Then almost immediately without exception they follow those comments with a comment that even those the business appears to be stabilising it is at a disappointing year-on-year growth number.
"The market needs to level out before an upturn can occur and no one knows how long this levelling out will take," he added that it expected revenue to decrease in Q4.
He said that it would focus on being aggressive and the third quarter had included announced acquisitions of Pure Digital and Tidal Software.