Sector Update: Tech Stocks Receive Another Boost on Thusday

Last Updated: Thursday, May 26, 2022 3:49 PM | MT Newswires

Technology stocks were advancing on Thursday, with the SPDR Technology Select Sector ETF (XLK) rising 2.2% while the Philadelphia Semiconductor Index was gaining 3.7% this afternoon.

In company news, ViaSat (VSAT) dropped 10% after the internet connectivity company missed analyst estimates with its fiscal Q4 earnings and revenue, reporting an adjusted profit of $0.06 per share, down from $0.36 per share during the year-ago quarter and trailing the Capital IQ consensus also looking for net income of $0.36 per share, excluding one-time items. Revenue grew 17.8% to $701.7 million, also lagging the $724.4 million Street view.

Nutanix (NTNX) was sinking nearly 23% this afternoon, earlier dropping 37% to a record low of $13.51 a share, after the multi-cloud computing company projected revenue for its current Q4 trailing analyst estimates. It sees revenue for the three months ending July 30 in a range of $340 million to $360 million compared with the Capital IQ consensus expecting $440.3 million.

To the upside, Fastly (FSLY) climbed almost 11% after the cloud platform firm Thursday disclosed plans to buy back around $235 million of its 0% convertible senior notes due 2026, paying $176.2 million in cash for the securities, or about 25% under their face value. Following the May 31 repurchase, the company will have about $713.8 million of notes still outstanding.

Splunk (SPLK) rose 9.2% after the data-analytics company reported a smaller-than-expected adjusted Q1 net loss and revenue topping analyst estimates and also raising its FY23 revenue outlook by $50 million over its prior forecast, now projecting between $3.30 billion to $3.35 billion for the 12 months ending next January.

Share this article:

Related Companies

You May Also Like