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SAN JOSE — Cisco Systems Inc. posted a first-quarter net loss of $268 million, beating Wall Street’s expectations, sending shares of the networking giant nearly 5 percent higher in after-hours trading. 

For the three months ended Oct. 27, Cisco lost 4 cents per share, compared with a profit of $798 million, or 11 cents per share, in the same period a year ago. 

Excluding one-time items — including a $858 million investment charge — the company earned $332 million, or 4 cents per share, compared with $1.4 billion, or 18 cents per share, a year ago. 

Analysts were expecting a profit of 2 cents a share, according to a survey by Thomson Financial/First Call. 

Revenue for the first quarter fell 32 percent, to $4.4 billion over a year ago, but increased 3 percent over the previous quarter’s $4.3 billion. Analysts were expecting first-quarter sales of $4.2 billion. 

Cisco, which makes routers and other devices that move traffic over the Internet and other data highways, suffered as businesses in general telecommunications companies specifically cut back spending. 

“Given the very challenging economic and capital spending environment, we were pleased to deliver a solid quarter with good linearity, sequential revenue growth and profitable market share gains,” said John Chambers, Cisco’s chief executive. 

Cisco, which makes routers and other devices that move traffic over the Internet and other data highways, suffered as businesses in general — and telecommunications companies specifically — cut back spending. 

The company posted its first-ever net loss in the third quarter last year and also laid off 8,500 employees. Before then, officials said it planned to hire 1,000 people a month. 

Shares moved up 85 cents to $18.75 in after-hours trading. Before the report was released, Cisco gained 64 cents to $17.90 on the Nasdaq Stock Market.