Tech Stocks Slipping in Afternoon Trade; Tableau Software Climbing After Q1 EPS, Revenue Beat Street Views

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Technology stocks were declining Tuesday, with shares of technology companies in the S&P 500 retreating about 0.5%.

In company news, Tableau Software ( DATA ) shares rallied Tuesday after the company late Monday reported Q1 per-share earnings and revenue that beat analyst expectations and raised its full-year revenue outlook above the Street view.

The enterprise software firm reported a net loss of $0.01 per share, improving on a $0.05 loss last year and beating the Capital IQ consensus by $0.10 per share. Revenue surged 86% year over year to $74.6 million, topping the Street view by $10.4 million.

DATA increased its forecast for FY14 revenue by $20 million over its prior guidance to a new range of $340 million to $350 million, topping analyst estimates by at least $12.56 million.

The company also is projecting a non-GAAP net loss in the current quarter of $0.09 to $0.01 per share on between $75 million to $80 million in revenue. Analysts, on average, are expecting DATA to produce a $0.09 per share loss during Q2 on $72.41 million in revenue.

DATA shares were up nearly 4% at $60.23 each this afternoon, earlier rising to a session high of $62.92 a share. The stock has a 52-week range of $44.00 to $102.37 a share.

In other sector news,

(+) PSMI, (+11.8%) Q1 revenue declines 11.4% from last year to $41.2 mln but beats Capital IQ consensus by $7.06 mln. Adjusted net loss of $0.24 per share was $0.02 wider than Street view.

(-) ININ, (-18.6%) Non-GAAP net loss of $0.02 per share lags Wall Street estimates looking for $0.01 per share profit. Revenue rises 8% year over year to $79.4 mln, trailing Capital IQ consensus by around $300,000.



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