Global networking solutions provider Cisco (Nasdaq: CSCO) recently announced its first quarter results that outpaced market expectations. But the market headwinds are troubling the company as it reduced its outlook significantly for the coming year. Cisco's FinancialsCisco's first quarter revenues grew 8% to $14.7 billion, ahead of the Street's forecast of $14.61 billion. Adjusted EPS increased 29% to $1.11, ahead of the market's estimate of $1.03. By segment, software revenues grew 13% to $3.5 billion and product revenues grew 9% to $11.1 billion. Total annualized recurring revenue grew 5% over the year to $24.5 billion and Remaining performance obligations (RPO) improved 12% to $34.8 billion. For the second quarter, Cisco forecast revenues of $12.6-$12.8 billion and a non GAAP EPS of $0.82-$0.84. The market was looking for revenues of $14.19 billion and an EPS of $0.99. For the year, Cisco expects revenues of $53.8-$55.0 billion and an EPS of $3.87-$3.93. In August this