Cisco didn't do enough.

Following a healthy 17% run-up in 2018, Cisco Systems (CSCO) investors are in a selling mood in the wake of a respectable, but hardly great, earnings report.

After the bell on Wednesday, Cisco reported April quarter revenue of $12.46 billion and adjusted EPS of $0.66. Revenue rose 4% with the help of a weak dollar and acquisitions, and slightly beat a $12.43 billion consensus. EPS, boosted by $6 billion in stock buybacks but hurt by a pickup in spending, slightly topped a $0.65 consensus.

Cisco's closely-watched product orders grew 4% annually. Enterprise order growth improved to 11% from 3% with the help of a strong IT spending environment, but order growth for small and mid-sized businesses fell to 7% from 14%. Orders from service providers fell 4%, thanks in large part to weak capital spending trends among carriers and pay-TV providers.

Following the report, shares fell in after-hours trading on Wednesday and were down 3.7% to $43.49 in early morning trading on Thursday. With Cisco having gone into earnings trading for 17 times forward EPS estimates, the company didn't have the same kind of margin of error it possessed when its stock was trading in the low 30s last summer.

The full version of this column appears on Real Money, our premium site for active traders. Click here to get more great columns like this.

TheStreet presents on May 22: "How to Stomach Market Volatility." Hosted by Fisher Investments, the exclusive live webinar will give you the tools to successfully navigate market volatility and discuss why having a wealth manager is more critical than ever before. Quickly register for the event here.

More from Stocks

5 Reasons Why Walmart's Second-Quarter Earnings Should Blow Wall Street Away

5 Reasons Why Walmart's Second-Quarter Earnings Should Blow Wall Street Away

Trade Talks, Walmart, Nvidia, Amazon and Uber - 5 Things You Must Know

Trade Talks, Walmart, Nvidia, Amazon and Uber - 5 Things You Must Know

Elon Musk Wants Tesla Private But Electric Car Rival Fisker Wants to Go Public

Elon Musk Wants Tesla Private But Electric Car Rival Fisker Wants to Go Public

Rewind: Jim Cramer on the Market Selloff, Macy's, Constellation and Canopy

Rewind: Jim Cramer on the Market Selloff, Macy's, Constellation and Canopy

What to Expect From Nordstrom on Thursday

What to Expect From Nordstrom on Thursday