Sector Update: Tech


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, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: MOBL

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