Sector Update: Tech Stocks, Chipmakers Rebound Following 2 Tough Sessions Earlier This Week

Last Updated: Wednesday, August 10, 2022 3:47 PM | MT Newswires

Technology stocks were extending their mid-week advance, with the SPDR Technology Select Sector ETF (XLK) rising 2.6% and the Philadelphia Semiconductor Index gaining 4.1% this afternoon.

In company news, Vertex (VERX) gained almost 18% after the tax-compliance software company reported a 13.7% increase in Q2 revenue compared with year-ago levels, rising to $119.3 million and exceeding the $116.8 million analyst mean. It also raised its FY22 revenue guidance to $480 million to $484 million, up $1 million on both sides of its prior forecast range and continuing to straddle the $481.3 million Street view.

CyberArk Software (CYBR) added 7.7% after it reported Wednesday better-than-expected Q2 results and also trimmed its projected FY22 net loss and boosted its revenue guidance. Excluding one-time items, its net loss for the three months ended June 30 was $0.27 per share, reversing a $0.01 per share adjusted profit during the same quarter last year but still beating the Capital IQ consensus for a $0.30 per share non-GAAP net loss.

Super Micro Computer (SMCI) gained 9% after overnight reporting fiscal Q4 results exceeding Wall Street expectations and the data-storage company also projecting non-GAAP net income and revenue for the current quarter and its FY23 ending next June all topping analyst projections. Excluding one-time items, it earned $2.62 per share during the three months ended June 30 on $1.64 billion in revenue compared with the Capital IQ consensus expecting $2.35 per share and $1.6 billion, respectively.

Axon Enterprise (AXON) rose over 13% after it reported improved Q2 results beating Wall Street expectations and also increased its FY22 revenue outlook by $20 million on both ends of its forecast range. Excluding one-time items, it earned $0.44 per share on $285.6 million during the June quarter, topping Street expectations looking for adjusted net income of $0.39 per share on $258.96 million in revenue.

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