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Cisco CEO John Chambers

Shares of Cisco are getting clubbed this morning following earnings from yesterday.

A big part of the story is weakness in emerging markets, which is a well-known story, but the numbers are jarring.

On CNBC this morning, CEO John Chambers said that while emerging markets as a whole grew by 8%, the big emerging markets grew only 1%.

This echoes what he said on the conference call yesterday.

Check this out from Seeking Alpha:

Our emerging markets business was up 8%, however we saw mixed results in our top five emerging countries, with India and Mexico up in double digits, Brazil and Russia approximately flat and China down 6%. The changes in macroeconomic conditions in the emerging markets both positive and negative are driving more inconsistent growth than in the past. Now on moving on to customer segment view again and from an orders perspective.

By the way, Cisco's big whiff mirrors the weakness at Walmart, which also missed earnings thanks to bad international markets.

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