Updated from 10:59 a.m. EDT

Technology stocks fell Wednesday as investors continued to pore over earnings reports.

Despite posting better-than-expected third-quarter results, Cisco ( CSCO) shares fell 6.5% on Wednesday. The company posted earnings of $1.9 billion, or 30 cents a share, on revenue of $8.9 billion. Excluding items, the company earned $2.1 billion, or 34 cents a share. Analysts expected earnings of 33 cents a share on revenue of $8.76 billion. During the year-earlier quarter, the company earned $1.4 billion, or 22 cents a share, on revenue of $7.3 billion. Excluding items, the company posted adjusted earnings of $1.8 billion, or 29 cents a share, during the year-earlier quarter.

Looking ahead, Cisco now sees fourth-quarter revenue of $9.2 billion to $9.3 billion. Analysts project revenue of $9.23 billion. Shares, which had risen about 10% over the past month, closed down $1.85 to $26.51.

Elsewhere, Finisar ( FNSR) rose 4.7%, despite cutting fourth- and first-quarter revenue guidance. The networking company now sees fourth-quarter revenue of about $97 million, down from an earlier forecast of $104 million to $110 million. For the first quarter, the company now sees revenue of $105 million to $112 million, down from earlier guidance of $108 million to $115 million. The company blamed the outlook on inventory adjustments by some of its customers, which resulted in lower demand for Finisar's products. Analysts project fourth-quarter revenue of $107.5 million and first-quarter revenue of $111.8 million. Shares closed up 16 cents to $3.55.

Meanwhile, Emageon ( EMAG) tumbled 26.9% after the technology systems company posted disappointing first-quarter results and cut its full-year outlook. The company reported a loss of $1.8 million, or 9 cents a share, on revenue of $27.3 million. Analysts expected a loss of 4 cents a share on revenue of $31.1 million. During the year-earlier quarter, the company posted a loss of $7 million, or 34 cents a share, on revenue of $27 million.

Looking ahead, Emageon now sees a full-year loss of 17 cents to 22 cents a share on revenue of $112 million to $115 million. Previously, the company said that it would earn 24 cents to 29 cents a share on revenue of $136 million to $140 million. Analysts project earnings of 26 cents a share on revenue of $137.9 million. Shares closed down $3.06 to $8.31.

Also joining the losers was Ditech Networks ( DITC), which fell 8% after the telecom-equipment company warned that fourth-quarter earnings and revenue would be below forecasts. For the quarter ended April 30, the company sees adjusted earnings of 5 cents a share on revenue of $19.3 million. Analysts project earnings of 8 cents a share on revenue of $23.2 million. "The revenue shortfall, from our projections at the beginning of the quarter, was due to extended negotiations with certain key prospects and customers, particularly in our international business," the company said.

For the first quarter, Ditech sees revenue of $21 million to $23 million. Analysts project revenue of $24.1 million. Shares closed down 70 cents to $8.06.

On the winning side, Macrovision ( MVSN) jumped 16.7% after the software company beat first-quarter earnings estimates. The company reported adjusted earnings of $14.3 million, or 27 cents a share, on revenue of $65.2 million. Analysts polled by Thomson Financial expected earnings of 23 cents a share on revenue of $65.1 million. During the year-earlier quarter, the company earned $13.2 million, or 25 cents a share, on revenue of $57 million.

Looking ahead, Macrovision now sees full-year earnings of $1.25 to $1.35 a share on revenue of $280 million to $290 million. Analysts project earnings of $1.27 a share on revenue of $287.3 million. Shares closed up $4.01 to $28.02.

As for the broader technology sector, the Nasdaq 100 was up 5.82 points to 1905.65.

Other technology movers included Level 3 Communications ( LVLT), up 1 cent to $5.66; Sun Microsystems ( SUNW), down 2 cents to $5.20; Intel ( INTC), up 32 cents to $22.47; Microsoft ( MSFT), up 3 cents to $30.78; and Apple ( AAPL), up $1.82 to $106.88.

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