Technology Sector Update for 08/11/2017: LXFT,TTD,BBOX

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Technology stocks were continuing to lead the broader U.S. markets to moderate gains Friday, with shares of tech companies in the S&P 500 adding just just over 0.8% in value today.

In company news, Luxoft Holding ( LXFT ) fell to a 31-month low on Friday, with shares of the software development and technology services company sliding to their lowest price since January 2015 at $40.15 each after it today reported fiscal Q1 financial results trailing Wall Street expectations.

Excluding one-time items, the company earned $0.50 during the three months ended June 30, down from $0.62 per share during the same quarter last year and missing the Capital IQ consensus by $0.24 per share. Net sales rose 17.5% over year-ago levels but lagged the $213.7 million analyst mean.

Looking ahead, Luxoft trimmed its FY18 sales outlook by $23 million, now expecting at least $920 million in sales this year compared with the $949 million Street view. It also is projecting at least $2.85 per share for its non-GAAP net income during the 12 months ending next March, well under the $3.35 per share consensus call.

In other sector news,

(+) TTD, (+7.0%) Non-GAAP Q2 EPS of $0.52 beats by $0.34 per share. Revenue jumps 54.2% to $72.8 mln, also topping the $68 mln consensus. Gudes Q3, FY17 results above Street. RBC Capital Markets boosts price target by $9 to $65 a share.

(-) BBOX, (-47.3%) Surprise fiscal Q1 operating loss of $0.33 per share reverses year-ago profit and misses consensus call expecting $0.01 per share. Revenue falls 12% to $218.5 mln, beating the $207.6 mln Street view.

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

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This article appears in: Technology , Commodities
Referenced Symbols: LXFT , TTD , BBOX

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