On the call, Cisco said it expects fiscal first quarter revenue to be between a range of flat to up 1%. Analysts surveyed by Thomson Reuters are expecting Cisco to earn 53 cents a share on $12.18 billion in revenue, which is slightly higher than the $12.085 billion it generated in the first quarter of fiscal 2014.

Shares of Cisco were moving lower in early Thursday trading, falling 2.9% to $24.48.

Barclays Capital analyst Ben Reitzes (Equal Weight, $25 PT)

"If it weren't for carrier trends and weakening emerging markets, Cisco would have much stronger momentum. However, the tone seemed a bit less upbeat than it was in May given a deceleration in emerging markets like Brazil, Russia and China - and further lumpiness in carrier spending. Cisco also announced another significant workforce rebalancing as it tries to ignite growth via more focused investment but the program will not result in any net savings. While bookings trends suggest solid demand in developed markets, the outlook seems a bit mixed. We remain EW and adjust our price target slightly to $26 from $25 as we roll over to FY16 estimates."

UBS analyst Amitabh Passi (Buy, $29 PT)

"Overall, our ests change modestly (FY15/16E EPS at $2.14/$2.27). Cisco also announced a reorg affecting 6k employees as it pivots towards DC, cloud, security, and software, and we still believe this could drive headcount lower LT. Cash Flow from ops was strong at $3.6b, above UBSe of $3.2b, with $8.6b still left in the share buyback plan."

If you liked this article you might like

7 Essential Rules for Investing in Tech Stocks

Hewlett Packard Enterprise Becomes the Latest Tech Titan to Slash Jobs

Tax Reform Is Coming and That Means Trump Stock Rally Is Ready to Kill It Again

'Trump Stock' Rally Is Back on Track

These Stocks Pay You to Own Them