Cisco reported first quarter net income Wednesday of $2.2 billion, or 37 cents a share, compared to $2.2 billion, or 35 cents a share in the same period last year.

San Jose-based Cisco saw an 8 percent boost in revenue to $10.3 billion from the year-ago quarter's $9.6 billion.

"Cisco delivered solid revenue and earnings growth in what is clearly a very challenging global economy," said CEO John Chambers. "Our strategy and focus for managing the business through this market transition is clear - we will manage and prioritize our resources, invest in innovation, and build even stronger relationships with our customers to help enable their success."

Excluding items, the company's income would have been $2.5 billion, or 42 cents a share, compared to $2.5 billion, or 40 cents a share last year.

Analysts expected, on average, earnings of 39 cents a share on $10.3 billion in revenue.