Cisco earnings: 54 cents per share vs expected EPS of 53 cents

Cisco Systems reported quarterly earnings and revenue that topped Wall Street's expectations on Wednesday.

Cisco shares moved slightly lower in extended trading.

The network technology company posted profit of 54 cents per share for its fiscal third quarter, up 6 percent from the year-earlier period. Revenue rose 5 percent to $12.14 billion.

"I really think this is a step in the right direction not just for Cisco but for large-cap tech," said Daniel Ives, managing director of technology, media and telecom research at FBR Capital Markets, in a CNBC "Closing Bell" interview.

Analysts expected Cisco to post earnings of 53 cents per share on $12.07 billion in revenue, according to a consensus estimate from Thomson Reuters.

CEO John Chambers—who will leave the job in July—called the quarter "very solid" in the company's conference call. He said he was "honored" to have held the position, adding he felt Cisco was "well-positioned" moving forward.

Cisco veteran Chuck Robbins, who has been with the company since 1997, will take over as CEO. Chambers called Robbins the "right leader" for the company.

Read MoreCisco will go faster under Chuck Robbins: CEO Chambers

"It's all about fueling the engine. That's what investors want to see in large-cap tech and I think that's going to be a key question going forward for the new CEO," FBR's Ives said.

Chambers touted "good revenue growth" in the quarter across most of Cisco's segments, with sales in the Americas rising 8 percent. Switching systems and routing equipment sales—the company's two largest products—rose 6 and 4 percent, respectively.

Cisco's product orders climbed 2 percent year over year. However, orders in trouble spot China—as well as Russia and Brazil—declined from the year-earlier period.

For its fiscal fourth quarter, Cisco expects revenue growth between 1 and 3 percent, Chambers said. The company projects earnings per share of between 55 and 57 cents.

Cisco this month unveiled a platform that will allow cable operators to increase their download speeds to 1 gigabit per second or more. The product comes as technology companies like Google have moved to offer faster connections than leading cable companies.

Cisco shares have climbed more than 28 percent in the last year.