Cisco Systems on Tuesday raised its long-term growth targets, reflecting continuing optimism around a new generation of collaborative technologies, such as high-end teleconferencing, that Cisco says are poised to usher in a ’second phase of the internet’.

John Chambers, chief executive, said on Tuesday that the world’s biggest maker of networking equipment would raise its long term sales growth target to 12-17 per cent per year, from its previous level of 10-15 per cent.