Technology stocks slip Tuesday with shares of tech companies in
the S&P 500 falling about 0.8% as a group.
In company news, ChannelAdvisor Corp. (
) tumbled to a new 52-week low Tuesday after the cloud-based
e-commerce platform saw its Q2 net loss nearly double from year-ago
levels despite strong revenue growth.
Shares were down nearly 27% at $17.00 apiece in early afternoon
action, earlier sliding to their lowest level since last June at
$16.44 a share.
The company said 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
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.
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