Sector Update: Tech Stocks Higher on Thursday

Last Updated: Thursday, December 2, 2021 4:03 PM | MT Newswires

Technology stocks were mostly higher in late trade, with the SPDR Technology Select Sector ETF (XLK) Thursday rising 1.3% and the Philadelphia Semiconductor Index was gaining 0.5% this afternoon, reversing a midday slide.

In company news, Glimpse Group (VRAR) fell 6.5%, giving back a small mid-morning gain, after the virtual and augmented reality company announced its planned purchase of marketing agency Sector 5 Digital for $8 million upfront and up to $19 million more over the next three years. The acquisition is expected to roughly double its annual revenue, Glimpse said.

To the upside, Snowflake (SNOW) rose more than 15% after the data platform company late Wednesday reported a Q3 loss of $0.51 per share, nearly halving its $1.01 per share loss during the same quarter last year and beating the Capital IQ consensus expecting a $0.61 per share loss for the three months ended Oct. 31. Revenue more than doubled compared with year-ago levels, rising 109% to $334.4 million and also beating the $306.1 million Street view.

Okta (OKTA) added almost 13% on Thursday after the cloud-identity company overnight reported above-consensus Q3 results and also narrowed its projected FY22 net loss and raised its revenue forecast for 12 months ending Jan. 31. Okta now sees an adjusted FY22 net loss in a range of $0.53 to $0.52 per share on around $1.28 billion in revenue compared with its prior guidance looking for a $0.77 to $0.74 per share loss on between $1.24 billion to $1.25 billion in revenue. Analysts, on average, are anticipating a non-GAAP loss of $0.56 per share on $1.27 billion in revenue.

Synopsys (SNPS) climbed 4.3% after the electronic design software firm reported non-GAAP Q4 net income of $1.82 per share, up from $1.58 per share during the same period in 2020 and topping the Capital IQ consensus by $0.03 per share. Revenue rose 11.6% to $1.15 billion, meeting market expectations.

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