Cisco (NSDQ: CSCO), a proxy for corporate tech spending as well as, to some extent, online media, reported quarterly revenues of $9.8 billion, up 16.5 percent year-on-year from $8.4 billion. Net income was up 7.2 percent to $2.06 billion ($.33 per share), from $1.9 billion ($.31 per share). The last time the company reported earnings, it tanked the market by stoking recession fears. This time the company’s revenues came in roughly in-line with expectations, while income was a little bit ahead. As such, shares are trading a shade higher, undoubtedly a relief to the total market (See update below). Of the company’s revenue, $8.2 billion came from product sales, while service revenue accounted for $1.6 billion.

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Update: And there it goes the other way. On the conference call, CEO John Chambers warned of weakness, saying January is already tracking below expectations and that such softness may persist for “several months.” (via WSJ)