Cisco's Earnings: A Beat On Profit But A Miss On Revenue

Cisco just reported its first quarter earnings and we're covering it live.

Earnings per share came in at 53 cents. That's a beat. Revenue at $12.1 billion. That's a miss.

Analysts expected a good quarter: 51 cents EPS on $12.35 billion in revenue (up from 48 cents EPS on $11.88 billion), according to Yahoo Finance.

Gross margin was 63% and that's a beat, too. Analysts estimated 61.9%. Cisco also announced it will boost its share buyback program by $15 billion.

The stock is falling slightly in after hours trading.