Sector Update: Tech Stocks Sinking This Afternoon; MobileIron Advancing After Q2 Results Top Estimates, Guides Above Street

By
A A A

Top Tech Stocks

MSFT -0.58%

AAPL -2.21%

IBM -0.76%

CSCO -1.21%

GOOG -2.32%

Technology stocks were broadly lower, with shares of technology companies in the S&P 500 slumping more than 1.5% as a group.

In company news, MobileIron Inc. ( MOBL ) rose after the information technology platform provider for business customers looking to manage mobile applications and devices last night reported strong year-over-year Q2 performance and projected revenue for the current quarter all topping Wall Street expectations.

The company recorded a non-GAAP Q2 net loss of $0.52 per share, nearly halving its year-ago loss of $1.02 per share and beating the Capital IQ consensus by $0.21. Non-GAAP Q2 revenue climbed 56% year over year to $30.0 million, trumping analyst estimates by $2.7 million.

Gross billings rose 73% over year-ago levels to $34.9 million.

It also is expecting revenue in a range of $30 million to $32.0 million for the current quarter ending in September, topping the Street view by at least $1.2 million. For the fiscal year ending in December, the company is forecasting non-GAAP revenue of $115 million to $125 million, in line with estimates looking for $115.24 million in revenue.

MOBL shares were ahead about 5.4% at $8.96 each in mid-day trade, earlier climbing to a session high of $9.59 a share. The stock has traded within a range of $7.64 to $11.74 a share since its June 12 initial public offering of stock, slipping 15% from its $10 IPO price through last night's close.

In other sector news,

(+) LPSN, (+17.3%) Q2 EPS of $0.06 beats by $0.01 per share. Revenue rises 13.1% to $51.1 mln, topping estimates by $1.63 mln. Expected Q3, FY14 revenue beats Street view by at least $610,000 and $1.35 mln, respectively.

(-) ATEN, (-12.2%) Q2 net loss of $0.09 per share is $0.01 wider than consensus. Revenue climbs 49.8% year over year to $45.1 mln but still trails analyst estimates by $2.28 mln.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: MOBL

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

Most Active by Volume

88,363,013
  • $102.47 ▲ 2.72%
76,664,591
  • $16.60 ▲ 2.09%
75,156,840
  • $13.20 ▼ 5.71%
53,255,668
  • $40.68 ▼ 6.03%
49,564,657
  • $96.87 ▲ 2.63%
42,649,404
  • $9.26 ▲ 1.09%
37,436,329
  • $31.19 ▲ 5.05%
35,538,826
  • $28.28 ▲ 1.25%
As of 10/21/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com