Cisco Systems Inc. (CSCO), which on Wednesday announced a $15 billion increase in its stock buyback plan, will look to maintain or even possibly increase buybacks, Chief Executive John Chambers said in a CNBC interview.

"We are going to maintain and maybe even step up in the short run our ability to return cash to the shareholders ." Mr. Chambers said shortly after Cisco released first-quarter results. Of the quarter, Mr. Chambers said it contained "a lot of positives in it (and) a couple of concerns," noting "solid" gross margins and record earnings per share, but acknowledging disappointing revenue.

The U.S. economy, he said, is just "going along" at around 2% growth, and emerging markets "a little more challenging" than anticipated. He said the U.S. government shutdown hurt the company "less than we anticipated," with higher state and local business.

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