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Cisco Earnings: Hoping to Evade 'Air Pockets'

Mansky, who has a buy rating on the firm, expects that all of Cisco's product categories will see a seasonal revenue decline during the second quarter. The analyst believes that "new technology," which encompasses set-top boxes, will be worst hit, falling 14% sequentially, while switching could experience a more modest decline of 1.4%.

The tech bellwether's long-term prospects, though, are good. "We continue to view Cisco as participating in several of the more attractive growth markets -- both product and geographic -- available to today's technology sector," he said. "We continue to view Cisco as a high single-to low double-digit revenue growth company, with EBIT margins solidly remaining in the mid-20's."

As the dominant player in networking, Cisco is one of the major beneficiaries of the push to deliver services via the Internet, a trend known as cloud computing. The Silicon Valley firm is also expected to reap the benefits of the ongoing smartphone boom, which is causing an explosion in data traffic.

Cisco shares rose 3 cents, or 0.16%, to $22.02 Wednesday, despite a modest decline in tech stocks that saw the Nasdaq slip 0.25%.

Look for our live blog from the Cisco earnings call starting at 3:45 p.m. ET.

--Written by James Rogers in New York.

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