Cisco Systems sales and profit fall, but beat Wall Street expectations

Cisco Systems (CSCO) quarterly sales fell 17 percent and profit dropped 24 percent as customers cut spending. Both sales and profit, though, beat Wall Street expectations. Cisco shares closed at $19.61 on Wednesday, trading three percent higher after hours.

The company cut costs during the quarter, which ended April 25, as CEO John Chambers combined offices and slowed hiring during what he called a "challenging global economy."