It has been about a month since the last earnings report for Cisco Systems (NASDAQ: CSCO). Shares have lost about 5.8% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Cisco due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Cisco Q3 Earnings Top Estimates, Revenues Down Y/Y Cisco Systems reported third-quarter fiscal 2024 non-GAAP earnings of 88 cents per share, which beat the Zacks Consensus Estimate by 6.02%. The bottom line fell 12% year over year. Revenues decreased 12.8% year over year to $12.70 billion but beat the consensus mark by 1.71%. Product revenues (71% of total revenues) decreased 18.6% on a year-over-year basis to $9.02 billion. Splunk contributed $413 million of total revenues in the reported quarter. Networking revenues declined 27% year over year to $6.52 billion. Security revenues were $1.30 billion, up 36% year over year. Collaboration revenues were unchanged at $987 million. Observability revenues increased 27% to $211 million. Service revenues (29% of total revenues) inched up 5.7% year over year to $3.68 billion.  Subscription revenues were $6.9 billion and accounted for 54% of total revenues. Quarter in Detail Region-wise, America's revenues decreased 15% year over year to $7.37 billion and missed the consensus mark by 0.7%. EMEA revenues declined 9% year over year to $3.46 billion but beat the consensus ...