Visual Studio Emulator for Android: Catastrophic failure when trying to launch

I recently installed the stand-alone Visual Studio Emulator for Android to use with Android Studio. However, when I try to launch an emulator, I get a dialog asking if I want to configure the emulator to connect to a network. If I select "No", the emulator launches and seems to work nicely but won't connect to the internet. If I select "Yes", I get the following error:

The emulator is unable to create the external network switches:

Something happened while creating a switch:
Failed while creating virtual Ethernet switch.

Ethernet port '{5A2CBD16-0961-475A-84AB-83B62B5376B4}'
bind failed: Catastrophic failure (0x8000FFFF).

I only have a single network interface which is a wireless one.

I've tried removing all the virtual switches from Hyper-V manager, but that didn't work. I also tried to create a new internal switch manually, but that doesn't affect the problem either.

What could cause this problem? How could I get the emulator to launch with an internet connection?

It looks like you are unable to create the external switch. Try manually creating an external switch in Hyper-V Manager, and if you can, then delete all of your virtual switches in Hyper-V Manager, delete all VS Emulator VMs in Hyper-V Manager, and try starting the emulator again.