PowerShares QQQ (NasdaqGM: QQQ), a large exchange traded fund tracking Nasdaq tech stocks, was down fractionally in after-hours trade Wednesday following quarterly results from Cisco (NasdaqGS: CSCO).
Cisco shares fell nearly 3% in after-hours dealings after the tech giant said its fiscal third-quarter net income fell about 18% from the year-ago period.
The stock slipped after Chief Executive John Chambers on the conference call said the company expects the fourth quarter “will continue to show weakness.”
Cisco represents about 4% of PowerShares QQQ, an ETF tracking the Nasdaq-100 Index.
“This quarter played out as we expected,” said Chambers in the earnings release. “We have acknowledged our challenges. We know what we have to do. We have a clear game plan.”