Even an increase in the quarterly dividend by $0.02 a share, to $0.19, wasn't enough to deter the bears. Cisco's yield will rise to about 3.3%.
The maker of networking gear announced results after the market closed Wednesday and said it earned $0.47 cents a share in its fiscal second quarter, just barely beating expectations for $0.46 cents a share.
Revenue was $11.2 billion, also slightly higher than the $11.04 billion that analysts had forecast.
Investors were disappointed despite the beat because both numbers represent declines from the year-ago numbers.
Still, it would be a mistake to underestimate the veteran tech giant. Cisco is very much a company in transition right now, with an eye toward the future.