The American company Cisco Systems showed a slight improvement in earnings on the background of increased sales of network equipment, despite the weakness of demand in emerging markets. It is worth recalling that in August the company announced the reduction of 6000 jobs. Last quarter, the company's net profit declined by 8.4%, while revenues increased by 1.3% which is 0.3% better than the previous forecast of the company. At the moment, the company is experiencing serious competition, which has led to a drop in sales on emerging markets by 12% and by 33% in China. We expect fall of quotations of the company in the medium term by 10-15%.