A 4% decline in Microsoft (NasdaqGS: MSFT) shares and concerns over personal computer sales took a bite out of technology exchange traded funds (ETFs) heading into the weekend.

Microsoft’s Windows sales were less than Wall Street had forecast. The tech giant reported quarterly earnings after Thursday’s closing bell.

“While ongoing PC headwinds are concerning, we do not foresee a further material deterioration in the business,” said analysts at McAdams Wright Ragen in a note. “At the same time, traction in the company’s enterprise and entertainment products is encouraging.”

“The overall decline in consumer PC shipments reflects a significant decline in developed markets and double-digit growth in PC shipments to consumers in emerging markets,” added Sunit Gogia, an analyst at investment researcher Morningstar. “Consumer PC shipments in developed markets probably declined because of a combination of factors, including cannibalization by tablets such as Apple’s (NasdaqGS: AAPL) iPad.”

The $1.6 billion iShares Dow Jones U.S. Technology Sector Index Fund (NYSEArca: IYW) was little changed in midday trading Friday. Microsoft is the ETF’s third-largest holding at 8.6% of the portfolio.

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