TheStreet's Jim Cramer says he did not think that Cisco's latest quarterly report was as bad as everyone thought. Cramer says the networking equipment giant had good cash flow, is committed to paying a dividend and performed well in Europe and North America. Cramer says the big issue with telecom service providers and telecom companies in general is that there has been 'so much M&A activity that they've been frozen.' Cramer says Cisco had a challenging quarter in Brazil, Russia and China, among others, but he says if things turn around Cisco is well-positioned to benefit. Cramer thinks many investors are going to regret selling the stock after its 10% run-up this year. Cramer points out that not many companies have had that kind of a move higher.

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