Cisco Systems (CSCO - Get Report) wasn't stung too badly by the recent tech correction: It's going into earnings trading close to its 52-week high, after having jumped in response to strong results and guidance in February.

The networking giant will try to keep the momentum going when it delivers its April quarter report on Wednesday afternoon. The FactSet consensus is for revenue of $12.43 billion (up 4% annually) and non-GAAP EPS of $0.65. A weak dollar, a healthy IT spending environment and stock buybacks likely provided a lift to Cisco last quarter, possibly offsetting the pressures caused by weak telecom capital spending and cloud cannibalization.

As usual, Cisco's product order data (shared on the earnings call) will be closely watched. Security sales, deferred revenue growth and commentary about IT spending trends and cloud deals are among the other things to watch.

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