Extreme Networks

(EXTR) - Get Report

was down 16.9% in midmorning trading after it beat expectations but appeared to disappoint the Street anyway.

The router and switch maker was said first-quarter earnings were 8 cents per share, better than the

TST Recommends

First Call/Thomson Financial

estimate of 2 cents. Extreme's main competitor,

Cisco Systems

(CSCO) - Get Report

, was up 8.8%.