You probably read the headlines, but there's a good chance you missed something important from Cisco.
If you're an investor who follows the market somewhat closely, then there's a good chance you already know how Cisco forecast a steep drop in revenue, which prompted at least two brokerages to downgrade its stock.
You may also know that Cisco said sales in the current quarter may drop as much as 10%; analysts were expecting gains.
But if you dig down into the earnings, Cramer thinks there's a much more important takeaway.
"Cisco's emerging markets numbers were hideous. In Brazil revenue dropped 25%. In Mexico it dropped 18%," Cramer said. "India was minus 18%, China minus 18%, Russia minus 30%. That is nothing short of amazingly bad."