"President Obama's off to a great start, and I think his economic team is world-class," Chambers said.

The quarter's results did vary by country, with order growth of more than 10 percent in Mexico, Germany, Austria and Switzerland, and particularly steep drops in orders in the U.S., the U.K., Italy and Russia, Chambers said. Routers were the hardest-hit product category in the quarter, with revenue down about 23 percent, while video equipment revenue was a bright spot with 18 percent growth.

In after-hours trading late Wednesday, Cisco's Nasdaq shares (CSCO) were down $0.72 at $15.12.