Photo credit: Prayitno

Cisco Systems, Inc. CSCO shares are falling despite reporting a first-quarter earnings beat.

Adjusted earnings came in at 84 cents per share, beating estimates by 3 cents. Sales came in at $13.2 billion, beating estimates by $120 million.

The company issued second-quarter earnings guidance of 75-77 cents versus a 79 cent estimate and sees sales down 3% to 5% year-over-year.

"We delivered a solid quarter against a challenging macro environment," said Chuck Robbins, chairman, and CEO of Cisco. "We're focused on continuing to drive innovation, transform our business and exceed our customers' expectations."

Highlights

• Revenue growth of 2% year-over-year
• Non-GAAP EPS increased 12% year-over-year

Cisco shares are down 4% in Wednesday's after-hours session. The stock closed at $48.46 per share.