Investors sent shares of Cisco down during after-hours trading despite news that the technology giant met Wall Street's expectations for its first fiscal quarter.

Excluding a $162 million tax benefit during the quarter, Cisco earned 37 cents per share, which was a penny higher than analysts had expected. Revenue rose 17 percent to $9.55 billion, which matched forecasts.

Cisco shares lost more than 8 percent after hours, following a drop of nearly 4 percent during the trading day.

"Cisco is such an execution machine that everybody expects them to come out and beat the top line a little bit," Stifel Nicolaus analyst Sanjiv Wadhwani told Bloomberg News. "Overall, it is good performance, but maybe slightly below what people have been used to."

Cisco chief John Chambers said during a conference call that he expects the company to increase revenue by 16 percent during the next quarter, which is the same growth that analysts previously forecast. He also reaffirmed the full-year revenue-growth rate of 13 to 16 percent.

The company said its revenue was helped by expansion into new products and emerging markets, Reuters notes.