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????很少有公司像思科公司（Cisco）這樣,，在互聯(lián)網(wǎng)的發(fā)展中居于如此中心的地位?；ヂ?lián)網(wǎng)服務(wù)提供商,、私營(yíng)公司和公共機(jī)構(gòu)須臾也離不開(kāi)它的交換機(jī)和路由器。這家位于圣何塞的公司儼然已成為網(wǎng)絡(luò)基礎(chǔ)設(shè)施的代名詞,。

????但近幾年來(lái),，思科公司一直在努力尋找自身發(fā)展的第二春。在網(wǎng)絡(luò)泡沫的高峰期,，思科公司一度成為世界上最有價(jià)值的公司,，市值高達(dá)5,000億美元。然而,，在過(guò)去10年的大多數(shù)時(shí)間里，它的股票搖擺在每股15美元到30美元這一區(qū)間內(nèi),。近些年來(lái),，思科的發(fā)展變得尤為緩慢：過(guò)去3年來(lái)，其季度收入僅增長(zhǎng)了8%,，而凈利潤(rùn)則下降了44%,。令投資者更憂(yōu)心的是，隨著競(jìng)爭(zhēng)對(duì)手在思科賴(lài)以成為巨人的核心市場(chǎng)上與其展開(kāi)正面交鋒,，這家公司的毛利率一年不如一年,。

????思科在發(fā)布截至10月29日的財(cái)季報(bào)告時(shí)聲稱(chēng)，該公司的毛利率為62.4%,。消息傳來(lái),，分析人士和投資者深感震動(dòng)。畢竟,，這個(gè)比率低于上一年的數(shù)值（64.3%）,，甚至不如此前一個(gè)季度的水平（62.7%）,。但在接下來(lái)的兩天中，思科的股票不僅沒(méi)有下挫,，反而猛漲8%,，創(chuàng)下9個(gè)月以來(lái)的最高水平。

????這是因?yàn)?，大多?shù)投資者此前預(yù)期的毛利率比這還低——接近61%,。如惠普公司（Hewlett-Packard）和瞻博網(wǎng)絡(luò)（Juniper Networks）這樣的競(jìng)爭(zhēng)對(duì)手一直在交換機(jī)和低端路由器市場(chǎng)上發(fā)動(dòng)價(jià)格戰(zhàn)，試圖推動(dòng)銷(xiāo)量,，以對(duì)抗全球經(jīng)濟(jì)衰退帶來(lái)的影響,。這種競(jìng)爭(zhēng)不斷蠶食著思科公司的毛利率水平——幾年前，這項(xiàng)比率為70%左右,，2010年幾乎下降到了65%,。

????思科公司CEO約翰?錢(qián)伯斯曾發(fā)誓要遏制這一下滑趨勢(shì)，并將公司的經(jīng)營(yíng)重點(diǎn)從增加收入轉(zhuǎn)為提高毛利率水平,。提升毛利率是錢(qián)伯斯為提高思科利潤(rùn)而設(shè)計(jì)的一個(gè)為期3年的重組計(jì)劃的基石,。這項(xiàng)計(jì)劃似乎終于開(kāi)始奏效了——至少現(xiàn)在看來(lái)是這樣。

????還有其他一些令人鼓舞的信號(hào),。來(lái)自交換機(jī)的收入（約占總收入的三分之一）雖然無(wú)增無(wú)減,，但訂單增加了10%。就公司總體而言,，在這個(gè)季節(jié)性疲軟的季度中,，訂單增加了13%（其中，來(lái)自資金緊張的公共部門(mén)的訂單增加了10%）,，一舉扭轉(zhuǎn)了跌勢(shì)—— 此前一個(gè)季度的訂單下降了4%,。甚至連歐洲和中東的訂單也增長(zhǎng)了13%。

????Few companies have been as central to the Internet's development as Cisco. ISPs, private companies and public institutions have relied on its switches and routers so much that the San Jose company's name might as well be synonymous with the Net's infrastructure.

????But for several years, Cisco (CSCO) has been struggling to find a suitable second act. At the dot-com peak, Cisco was briefly the most valuable company in the world, with a market cap of $500 billion. For most of the past 10 years, it's stock has vacillated in a range of $15 and $30 a share. And in recent years, things have slowed even more: Its quarterly revenue has risen only 8% over the past three years, while net profit declined 44%. More worrisome to investors, its gross margins deteriorated year after year as competitors battled Cisco in the core markets that made it a giant.

????So when Cisco, in reporting its earnings for the quarter ended October 29, said that gross margins came in at 62.4%, it caused a stir among analysts and investors. After all, that ratio is below the 64.3% of a year ago and even the 62.7% of the previous quarter. But instead of falling, Cisco's stock rallied 8% over the next two days, reaching its highest level in nine months.

????That's because most investors were bracing for even weaker margins -- something closer to 61%. Competitors like Hewlett-Packard (HPQ) and Juniper Networks (JNPR) have been waging a price war in switches and low-end routers, trying to boost volume in the face of a weak global economy. That has put a steady weight on Cisco's gross margins, which were closer to 65% in 2010 and around 70% several years ago.

????CEO John Chambers had vowed to stem the decline and shift the company's focus from revenue growth to higher gross margins. It was a cornerstone of a three-year restructuring he had engineered to shore up Cisco's profits. And it looks like the restructuring is finally working -- at least for now.

????There were other mildly encouraging signs. Revenue from switches, a third of the total, was flat, but orders increased by 10%. Overall, orders increased 13% in a seasonally weak quarter -- including a 10% increase in orders from the cash-strapped public sector, reversing a 4% decline in the previous quarter. Even orders from the Europe and Middle East rose 13%.