Cisco's Q1 earnings is a beat all the way around

Cisco just reported its Q1 fiscal 2017 earnings.

Cisco reported Q1 EPS of $0.61. The Street was expecting $0.59, so that's a beat.

It reported revenues of $12.4 billion. The street was expecting $12.33 billion, another beat.

Shares are dropping, down over 3% in after hours trading.

More to come.