Technology Sector Update for 11/13/2017: ASUR,CNIT,SYNA

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Technology stocks were little changed this afternoon, with shares of tech companies in the S&P 500 dropping less than 0.1%.

In company news, Asure Software ( ASUR ) climbed to a session high of $16.03 a share on Monday, rising as much as 37%, after the cloud-based software-as-a-service company reported above-consensus Q3 revenue.

Revenue grew 65% year over year to $15.5 million, topping the $15.2 million analyst mean. Excluding one-time items, it also reported an adjusted $0.15 per share profit, down from $0.22 per share during the same quarter last year but matching the Capital IQ consensus for the three months ended Sept. 30.

On a GAAP basis, it recorded a $0.10 per share net loss, reversing a $0.05 per share GAAP profit last year.

Looking forward, the company reiterated its in-line guidance expecting non-GAAP FY17 net income of $0.50 to $0.56 per share on between $54.25 million to $56.25 million in revenue. Analysts, on average, are expecting Asure to earn $0.53 per share on a GAAP basis on $54.78 million in revenue.

Asure also sees revenue reaching between $70 million to $80 million during FY18, also matching the $70.45 million Street view.

In other sector news,

(+) CNIT, (+16.3%) Earns $0.03 per share on a GAAP basis during the nine months ended Sept. 30, reversing a $0.25 per share net loss during the same period last year. Excluding one-time items, report $0.10 per share profit compared with $0.11 per share loss last year. Revenue rises 96.7% year over year to $12.2 mln. Analyst estimates were not available.

(-) SYNA, (-2.9%) Receives THX approval for its AudioSmart CX21988-THX, the first USB-C audio codec device to achieve that designation.

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: ASUR , CNIT , SYNA

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