Simon Leopold, analyst and managing director at Raymond James, said he was concerned about Cisco's lower revenue guidance, but the layoff announcement was the "bigger surprise."
"What we think they're doing is really trying to control costs. It's not a situation to reduce costs or cut costs, but I think this is going to make investors nervous," Leopold told "Squawk Box." He added that since Cisco is considered a tech bellwether, the company's comments that the macroeconomic recovery is looking "inconsistent" was also disappointing, making him "somewhat" concerned about other tech companies.
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For Cisco specifically, Leopold said he is still a buyer of the stock, reiterating a $30 price target. "Cisco is not an investment that is a growth story. It is very much about the earnings, and our earnings estimates really didn't change," he said. "From an investment perspective we continue to like it and we continue to be a buyers of the stock."
The company's fiscal fourth-quarter earnings and revenue for the company edged past consensus analyst expectations, helped by continued strength in its enterprise business.
Cisco said that it expected revenue to grow by 3 percent to 5 percent in the current quarter, and forecast profit in line with Wall Street.
(Read more: Cisco reports earnings that edged past expectations)
Net income rose to $2.27 billion, or 42 cents per share, from $1.92 billion, or 36 cents per share, in the quarter last year. Excluding items, earnings increased to 52 cents per share from 47 cents per share a year earlier.
Analysts were expecting earnings of 51 cents per share on revenue of $12.41 billion, according to estimates from Thomson Reuters.
Revenue climbed 6.2 percent to $12.42 billion from $11.69 billion. Gross margins for the quarter fell to 59.2 percent from 60.6 percent a year ago.
—By CNBC's Paul Toscano. Follow him on Twitter @ToscanoPaul. Reuters contributed to this report.