Cisco has reported that the business’ quarterly revenue and profits grew and has exceeded Wall Street’s prediction. With this, chief executive of Cisco has noted that they are expecting at least 3% to 5% growth for the last quarter of 2010 and 9% to 12% for 2011. However, this conservative outlook of the business has sent its shares plunging down. A dip by 11.4% was reported.

The California-based company last quarter’s run was deemed as fairly successful. They have garnered a total of $1.9 billion, or 34 cents per share—an 8% growth from the past year.

“We believe our vision of how the industry will evolve and strategy to lead this industry is gaining more momentum,” stated Cisco Chief Executive Officer John Chambers during the earnings call. He also added, “Our ability to enter new markets, from cloud to video mobility to home, is gaining speed and scale.”

Cisco is also expanding its networked-home services, particularly for home offices and telecommunications. This move is to keep up with current competition being posed by big players like IBM and Hewlett-Packard. The two companies have been offering one stop shops for technology consumers. Cisco is looking to reach a status of being broader-based IT supplier with the addition of new consumer products to its lineup like the recently launched Cisco Social Miner—a software that will enable scaling the public social media’s interest.