(Updated from 7:59 p.m. EST)

With one eye fixed on election coverage and the other focused on

Cisco Systems'

(CSCO) - Get Report

earnings report, after-hours investors hooked up with networking stocks tonight.

After the closing bell, Cisco posted first-quarter earnings that beat Wall Street's expectations by a penny, a repeat performance of a feat familiar to Cisco watchers over the past several quarters. The networking giant reported earnings of 18 cents a share, exceeding the

First Call/Thomson Financial

estimate of 17 cents. Year-ago results were 11 cents a share. (

TheStreet.com

analyzed Cisco's earnings in a separate

story.)

Revenue popped 66% from a year ago, to $6.52 billion from $3.92 billion. That puts it above the consensus $6.3 billion.

After poking slightly higher in extended trading, the networking stock dropped as much as 6.6% as the company's conference call got under way. But ultimately, the technology bellwether climbed back. Cisco ended down 56 cents, or 1%, to $54.56 on

Island

; it was behind 88 cents, or 1.6%, to $54.25 on

Instinet

.

Cisco's eagerly anticipated earnings release packed a lot of punch. With a $400 billion market capitalization, Cisco's results have a huge impact on the technology market. This is the 15th straight quarter that the networking equipment manufacturer has beaten earnings estimates.

Still, this earnings season, investors have been listening just as closely to what companies are saying about the results they expect in upcoming quarters as to what they have to say about their earnings this past quarter. Concerns were raised about slowing broadband sales on Cisco's conference call, which contributed to the stock's initial slide after the bell.

A little later in the conference call, however, the stock staged a turnaround after the company painted a rosy sales future for next year. The tech giant expects sales to rise 50% to 60% in fiscal year 2001.

Other stocks topping the most-active charts tonight include fiber-optic components manufacturers. At last look

Ciena

(CIEN) - Get Report

and

JDS Uniphase

(JDSU)

gained 78 cents, or 0.75%, to $104.78 on Island. In the meantime, JDS decreased $1.13, or 1.45%, to $76.31 on Island and dropped $1.19, or 1.5%, to $76.25 on Instinet.

Networking companies

Applied Micro Circuits

(AMCC)

and

Juniper Networks

(JNPR) - Get Report

were also attracting investor attention tonight. Applied Micro shed 75 cents, or 0.98%, to $75.63 on Island and staggered $1.38, or 1.8%, to $75 on Instinet. Juniper slid $3.84, or 1.76%, to $214.97 on Island.

In other news, shares of telecommunications provider

Turnstone Systems

(TSTN)

took back 29 cents, or 2.75%, to $10.66 on Island, after plunging 64.8% during the regular session. Today, Turnstone announced that fourth-quarter revenue would fall way below previous estimates due to sector-wide weakness among local telephone companies.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.

Confused?

TheStreet.com

explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.