SAN FRANCISCO (AP) -- Cisco Systems Inc.'s latest quarterly results will help show whether the industry has moved past its "tipping point" in recovering from the recession-related downturn.

The computing networking company reports its fiscal first-quarter earnings Wednesday after the market closes.

Analysts surveyed by Thomson Reuters expect profit of 31 cents per share on $8.74 billion in revenue, both of which are down from last year.

CEO John Chambers has said he expects Cisco's gross margin to fall from the previous quarter, which ended in July, may have been the "tipping point" that marked the bottom of the industry's downturn.

The latest quarter covers the July-October period, Cisco's fiscal first quarter.

Cisco has been on a buying binge, announcing three acquisitions last month for a total of more than $6 billion.