Cisco Systems reports today

Cisco Systems (NASDAQ: CSCO) will report its October 31st, fiscal first quarter results after the close today. Analysts are expecting revenues to come in at $9.5 billion and earnings per share at $0.36. The "whisper" circuit has Cisco posting slightly better numbers than expected.

More importantly, Cisco will discuss the state of technology around the world. Cisco has stated in the past two quarters that emerging markets, including China and India, are experiencing growth rates of around 45%. Cisco has put more feet on the street in those markets plus the addition of more senior management. The other key question will be how strong is the United States and its prospects going forward.

The shares have been strong these past 6-7 months with the stock running from the mid $20s to the mid $30s. Cisco is currently the third biggest technology company in the world in terms of market capitalization, only behind Google (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT).

John Chambers, CEO of Cisco, will conduct the earnings conference call. Titled the "cheerleader in-charge," Chambers has been very enthusiastic the past 2-3 quarters as Cisco's heavy-lifting in the last four years is paying off with increased and sustainable growth.

Cisco will probably confirm what many other technology companies have stated this earnings season that technology is right in the middle of the sweet spot in this difficult market environment.

Georges Yared is the CIO of Yared Investment Research and the author of "Baby Boomer Investing...Where do we go from here?"