Sector Update: Technology

By Staff,

Shutterstock photo

Technology stocks were slightly higher Thursday, with shares of technology companies in the S&P 500 advancing about 0.2% this afternoon.

In company news, Semtech ( SMTC ) shares rose Thursday after the specialty chip-maker reported Q1 earnings and revenue that beat analyst projections.

SMTC shares were up about 5.8% at $24.55 each in recent trade, earlier climbing to a session high of $24.74 a share. The stock has a 52-week range of $21.38 to $37.45 a share, declining nearly 32% over the past 12 months.

The company reported GAAP net income of $7.9 million, or $0.12 per share, during the three months ended April 27, down from $14.8 million during the year-ago period. Excluding non-recurring items, it earned $0.32 per share, exceeding the Capital IQ consensus estimate by $0.02 per share.

Revenues fell 18.2% year over year to $132.9 million, topping the Street view by around $2.67 million.

For the 12 months ending next January, SMTC is expecting adjusted per-share earnings in a range of $0.36 to $0.42, in-line with the analyst consensus looking for $0.37 per share.

Revenue for the current quarter ending in July is projected in a range of $138 million to $146 million, also matching estimates expecting a $138.29 million in quarterly revenue.

In other sector news,

(+) NTLS, (+16.4%) Extends strategic network alliance with Sprint ( S ) through 2022, acting as exclusive network provider for around 2.1 mln customers in West Virginia and Virginia.

(-) WUBA, (-6.8%) Q1 EPS of $0.03 trails consensus by $0.01 per share. Revenue of $48.2 mln lagged estimates by around $3.62 mln. Q2 revenue guidance of $61 mln to $63 mln tops Street view by at least $3.2 mln.

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

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

This article appears in: Investing Commodities
Referenced Stocks: SMTC , S

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

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