Sector Update: Tech Stocks Slide Lower; ChannelAdvisor Falls to 13-Month Low After Q2 Net Loss Nearly Doubles


Top Tech Stocks

MSFT -0.60%

AAPL -0.89%

IBM -1.10%

CSCO -0.53%

GOOG -1.25%

Technology stocks were slipping Tuesday with shares of technology companies in the S&P 500 falling about 0.8%.

In company news, ChannelAdvisor Corp ( ECOM ) tumbled to a new 52-week low Tuesday after the cloud-based e-commerce platform company saw its Q2 net loss nearly double from year-ago levels despite strong revenue growth.

Shares were down nearly 26% at $17.22 apiece, earlier sliding to its lowest level since last June at $16.44 a share.

GAAP net loss for the three months ended June 30 was $9.6 million, or $0.39 per share, compared with a $5.0 million net loss during the same quarter last year. Excluding stock-based compensation and other one-time items, the net loss narrowed to $7.5 million, or $0.30 per share, widening from a $4.5 million adjusted net loss last year but still topping the Capital IQ consensus by $0.01 per share.

Revenue rose 30% year over year to $20.8 million, topping estimates by around $800,000.

For the current quarter, the company is projecting revenue in a range of $20.5 million to $20.9 million, in-line with the $20.86 million consensus. The company also sees its FY14 revenue in a range of $86 million to $86.7 million, exceeding estimates by at least $240,000.

In other sector news,

(+) GTAT, (+5.3%) Forecasts better-than-expected FY14 earnings of $0.12 to $0.18 per share, topping analyst estimates by at least $0.09 per share. Guides revenue in-line with Street view. Q2 net loss of $0.16 per share was $0.01 wider than Street view.

(-) FIVN, (-14.0%) Projected Q3 revenue of $24 mln to $25 mln, lagging Street view by at least $1.2 mln. FY14 revenue guidance also trails Capital IQ consensus by at least $3.1 mln. Q2 net loss of $0.20 per share beats by $0.02.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: ECOM

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos



Most Active by Volume

  • $15.65 ▼ 1.82%
  • $109.27 ▼ 1.00%
  • $9.49 ▼ 0.84%
  • $102.16 ▼ 1.19%
  • $22.75 ▼ 7.26%
  • $42.61 ▼ 2.05%
  • $24 ▼ 2.08%
  • $16.82 ▲ 1.39%
As of 9/4/2015, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by