Como se combate o populismo? "Com eleições", responde Fukuyama

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Cisco sees 12% to 15% sales growth per year through '08
SANTA CLARA, Calif. (AFX) -- Cisco Systems expects sales growth between 12 and 15 percent annually during its next four fiscal years.

"From an internal perspective, our expectation is that we have a growth potential between 12 and 15 percent," said Cisco CFO Dennis Powell on Tuesday.

Speaking to an audience of 400 gathered at the Santa Clara Convention Center for Cisco's annual analyst meeting, Powell added, "Our objective is to grow at the high end of that range."

Cisco shares rose 2.3 percent to $20.28 Tuesday afternoon.

Powell also said that analysts' estimates that Cisco's sales would grow 13 percent during its current fiscal year ending next July are "reasonable."

Powell estimated that Cisco's gross margins would fall to 65.8 percent of sales in its 2008 fiscal year from 68.9 percent in its fiscal 2004.

"Looking at our gross margin, I expect there will be downward pressure," Powell said.

Powell prefaced his remarks by saying, "What I'm about to say is not a prediction, forecast, or guarantee, it's a framework."

This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com.