Cisco Systems reported quarterly results that topped analysts' expectations on Thursday after the bell, but gave disappointing guidance for its current quarter driven by lower-than-expected order growth and foreign exchange rates.
The networking giant posted fiscal first-quarter earnings of 59 cents per share on $12.68 billion in revenue. Profit and sales rose 9 percent and 4 percent from the previous year, respectively.
Analysts expected Cisco to post earnings of 56 cents per share on $12.65 billion in revenue, according to a consensus estimate from Thomson Reuters. Cisco shares were down 5.3 percent midmorning Friday. (Click here to follow the stock.)
Cisco CEO Chuck Robbins told CNBC on Friday he was pleased with the company's performance in what he called "a tough macro environment."
"We had a very solid quarter with 4 percent top-line growth, 9 percent EPS, very strong gross margins, as well as operating margins at a nine-year high," he told CNBC's "Squawk on the Street." "As we guided Q2, we obviously guided down, but we also guided a reasonable growth quarter."
Cisco said it expects fiscal second-quarter sales will be in a range of flat to up 2 percent year over year. Robbins cited "the uncertainty of the macro environment and currency impacts."