The Cisco Systems share price plummeted by more than 13% in the extended session after publishing weak results and forward guidance. The CSCO stock price declined by more than 4.4% in the regular session and over 13% in the extended period. It dropped to a low of $42, which was the lowest level since March 2021. The stock has declined by more than 33% from its highest level in December last year. Cisco earnings review Cisco and other big tech companies are having a moment of reckoning as interest rates soar. However, a quick look at the biggest companies in the industry shows that there is a problem. For example, the Amazon stock price has dropped by 43% from the year-to-date high, while Alphabet and Microsoft have also fallen by double-digits. In its report, Cisco said that its total revenue rose to over $12.8 billion year-on-year in the first quarter. This happened as the company suffered losses of about $200 million for exiting its business in Russia and Belarus. Its product revenue rose to $9.4 billion, while its annualized recurring revenue rose to over $22.4 billion. Further, software revenue rose to over $3.7 billion. https://www.youtube.com/watch?vuDT78FORMt0 The Cisco stock price will likely continue weakening in the coming months as businesses slam their brakes on spending. However, this decline will form a good buying opportunity considering that Cisco has strong dividends. It has a trailing dividend yield of 2.94% and a forward yield of 3.0%. As shown below, its dividend grades are relatively solid. Also, the stock is a bargain as its trailing PE ratio has fallen to 18.07. Cisco dividend score Cisco Systems share price forecast. Turning to the weekly chart, we see that the Cisco stock price has been in a strong downward trend in the past few months. The stock dropped to $42.37 during the extended session. This price is slightly below the 61.8% Fibonacci retracement level. Further, the mini death cross (25-week and 50-week) moving averages have made a bearish crossover pattern while the Stochastic Oscillator has declined below the oversold level. Therefore, the stock will likely keep falling as the bear market accelerates. In the future, however, the stock will resume the bullish trend. A move above the resistance at $55 will invalidate the bearish view.