As noted previously, it was a busy quarter for Cisco, which exited its Flip camera business and reorganized to improve focus. Cisco reported fiscal third-quarter earnings of $1.8 billion, or 33 cents a share, on revenue of $10.9 billion. Non-GAAP earnings were 42 cents a share. Wall Street was expecting earnings of 37 cents a share on revenue of $10.85 billion.

However, Cisco didn't deliver its outlook in its earnings statement. In recent quarters, Cisco's earnings looked fine, but the outlook was light.

Read more of Cisco third quarter better than expected at ZDNet's Between the Lines.