Cisco beat Wall Street estimates for profits and revenues in its quarterly earnings announced Wednesday just after the markets closed.

The company’s top executive, John Chambers, called the results “solid.”

However, investors dumped Cisco in after-hours trading, driving down shares 4 percent within minutes of the earnings report and down 14 percent, or more than $3, following a conference call between Chambers and analysts.

One factor in the sell-off, according to CNBC, was Cisco’s quarterly revenue forecast that came in some $1 billion below expectations.

MarketWatch reported that Cisco projected current quarter revenues to grow between 3-5 percent while analysts at FactSet Research expected a 13 percent increase.

In the conference call, Chambers said that new orders from government customers as well as some service providers fell below the company’s expectations.

That’s after Chambers rattled investors back in August by pointing to “unusual uncertainty” among customers about the economy.

As the world’s biggest supplier of network equipment, Cisco offers a fair reading on the pace of corporate investment. And it’s a more forward leaning barometer than most companies because its most recent quarter includes October, where most companies have reported results for the July-September period.

The networking gear manufacturer reported a profit of 42 cents per share, which topped expectations by 2 cents.

Revenue rose 19 percent to $10.75 billion, just above the average forecast of $10.74 billion.

But that was still below the $10.95 billion that analysts had predicted for the quarter in August, before the company lowered expectations.

Cisco’s outlook for the quarter that ends in January also fell short. It expects revenue growth over the same quarter a year ago of 3 percent to 5 percent. That works out to between $10.1 billion and $10.3 billion, while analysts expected $11.08 billion.

Cisco shares traded up 14 cents Wednesday to close at $24.49.

Net income after one-time and other expenses rose to $2.4 billion.

“Cisco delivered solid financial results, during a challenging economic environment,” said Chambers, the chairman and CEO. “While we have seen capital spending moderate in some areas of our business, our execution in the areas we can control and influence speak to the success and relevance of the company’s strategy.

“Our position in the market, including continued product innovation, market share momentum and operational excellence, positions us for growth and flexibility well into the future as we strengthen our role as a trusted business partner to our customers,” he added.

Read the earnings report here.

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