Why Jim Cramer Says Cisco's (CSCO) Earnings Report Was Not That Bad

NEW YORK (TheStreet) -- TheStreet's Jim Cramer says he did not think Cisco's  (CSCO) quarterly report was that bad because of the good cash flow, their commitment to their dividend and their solid performance in Europe and North America.

Cramer says the biggest problem is with the service providers, the telcos, which have been frozen a bit because of so much merger and acquisition activity. He also points to a problems in Brazil, Russia, China and Mexico and he does not like the way Indonesia is shaping up. But if those come back online, then Cramer says investors will regret selling a stock that is up 9% to 10% for the year, which is particularly rare for this year.

Cramer thinks CEO John Chambers did a good job in the quarter.

Must Watch: Jim Cramer Says Cisco's Quarter Was 'Not That Bad'

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TheStreet Ratings team rates CISCO SYSTEMS INC as a "buy" with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate CISCO SYSTEMS INC (CSCO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and growth in earnings per share. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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