Sector Update: Technology

By Staff,

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Technology shares were mixed in pre-market trade Tuesday.

In technology stocks news, Sprint ( S ) shares were up more than 2% after the wireless company reported that its Q1 net loss narrowed, far surpassing expectations, with revenue also edging ahead of forecasts.

The net loss was $151, or $0.04 per share, from $1.03 billion, or $0.26 a share a year earlier. Analysts expected a loss of $0.08. The company reported operating income of $420 million, its best result in seven years.

Revenue slipped to $8.87 billion from $9.12 billion a year ago, but topping forecasts for $8.69 billion.

And, IPG Photonics ( IPGP ) reported Q1 revenue of $170.6, which beat the Street view. It reported earnings of $0.77, on par with expectations.

Finally, Kofax ( KFX ) reported fiscal Q3 adjusted earnings that slipped $0.01 from a year ago amid growth in revenues and forecast continued growth for fiscal 2014.

The smart process application software provider said earnings in the quarter ended March 31 said adjusted diluted earnings fell to $0.05 per share from $0.06 the year earlier. Total revenue in the quarter rose to $70.7 million from $64.3 million the year earlier. No analyst estimates were available for comparison.

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: S , IPGP , KFX

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