Let $q$ be an odd prime power and let $\mathbb{F}_{q^2}$ be the finite field with $q^2$ elements. In this paper, we determine the differential spectrum of the power function $F(x)=x^{2q+1}$ over $\mathbb{F}_{q^2}$. When the characteristic of $\mathbb{F}_{q^2}$ is $3$, we also determine the value distribution of the Walsh spectrum of $F$, showing that it is $4$-valued, and use the obtained result to determine the weight distribution of a $4$-weight cyclic code.
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