Cisco Systems (CSCO), a top holding for the exchange traded fund (ETF) PowerShares QQQ (QQQQ), reported a 37% increase in net profit. But the stock declined more than 8% in after market trading yesterday on concerns about sustainable growth.
CSCO’s income, at 35 cents per share, came in slightly below the Wall Street consensus of 36 cents per share. Benjamin Pimentel of MarketWatch reports analysts expected more since the company is a dominant player in the networking equipment market.
CSCO makes up 4% of QQQQ, which was down around 1% in after hours trading. The ETF is up 23.6% year-to-date and tracks the Nasdaq Composite.
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