Shares of Cisco Systems (NASDAQ: CSCO) are down 11% this week as of 3:30 p.m. ET Thursday, according to data provided by S&P Global Market Intelligence, after the networking solutions giant reduced its full-year outlook despite solid fiscal first-quarter 2024 results (for the period ended Oct. 28).

On the former, Cisco's quarterly revenue climbed 8% year over year, to $14.67 billion, translating to a 29% increase in adjusted non-GAAP (generally accepted accounting principles) earnings to $4.5 billion, or $1.11 per share. Analysts, on average, were expecting earnings of $1.03 per share on slightly lower revenue of $14.63 billion.

Within Cisco's top line, total software revenue and software subscription revenue each grew 13% year over year, while annualized recurring revenue climbed 5% to $24.5 billion. Remaining performance obligations (RPO) -- a key metric to help gauge future revenue growth -- grew 12% year over year to $34.8 billion exiting the quarter.

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Source Fool.com