Cisco Systems Inc. (NASDAQ: CSCO) managed to beat earnings when it reported on Wednesday. The networking and communications equipment giant even represented that the quarter was a solid execution with new markets and technologies driving its plans to return to growth.

John Chambers reported earnings of $0.51 per share. Thomson Reuters had estimates of $0.48 in earnings per share (EPS) for this past quarter, down from $0.51 per share a year ago. WhisperNumber.com sent us a note showing that the so-called earnings whisper was for Cisco to turn in earnings of $0.50 per share.

Revenues were down less than expected to $11.55 billion, also ahead of the expectation to be down almost 7% to $11.38 billion. As far as a breakdown, service revenue was $2.73 billion and product sales were $8.82 billion.

Cisco gave guidance for its fiscal fourth quarter of $0.51 to $0.53 in EPS and for revenues to be down by only 1% to 3%. Its consensus estimates for the coming quarter were $0.51 EPS (versus $0.52 a year earlier) and for revenues to be down 5% to $11.77 billion.

That return to growth is key, although less negative is not really growth by our take. When we previewed earnings we showed that revenue growth was its biggest problem: Revenues for this year are not expected to be much more than the $46.06 billion from back in 2012. And revenues in 2015 are expected to be $48.2 billion — down slightly from the $48.6 billion recorded in 2013.

Operating cash flow was $3.2 billion. The company repurchased some 90 million shares during the third quarter, and it ended the quarter with $50.5 billion in cash and cash equivalents.

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Cisco closed at $22.81 before earnings, almost identical to the close in the prior quarter. The stock was up more than 3% at $23.53 in the initial after-hours reaction, but the shares rose after guidance to be up almost 7% to $24.37 on last look.

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