Technology Sector Update for 12/07/2017: DVMT,SEAC,VRNT

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Technology stocks helped lead the U.S. markets to moderate gains this afternoon, with shares of tech companies in the S&P 500 advancing nearly 0.7%.

In company news, Dell Technologies ( DVMT ) was hanging on to much of a 2.5% gain earlier Thursday to a session high of $76.97 a share after the digital equipment company reported a 14% rise in Q3 non-GAAP net income from continuing operations compared with year-ago levels and a larger-than-expected increase in revenue.

Non-GAAP revenue during the three months ended Nov. 3 rose 19% over year-ago levels to $19.91 billion, topping the $18.98 billion single-analyst call. It also reported a Q3 GAAP net loss of $941 million, improving on a $1.64 billion operating loss during the same quarter last year, while after excluding one-time items, the company earned almost $1.11 billion in non-GAAP net income from continuing operations compared with $970 million during the year-ago period.

The company did not provide per-share earnings. The lone analyst following Dell Technology was expecting a $1.34 per share profit.

In other sector news,

(+) SEAC, Adjusted Q3 net income of $0.09 per share reverses a $0.13 per share net loss during the same quarter last year and beating the Capital IQ consensus by $0.08 per share. Revenue rose 17% to $23.4 mln, also topping the $19.5 mln analyst mean.

(-) VRNT, GAAP Q3 non-GAAP EPS of $0.66 beats Street view of $0.57 per share. Also issues in-line FY17 EPS and revenue forecast. Sees FY18 net income of $3.00 per share on revenue in a range of $1.19 bln to $1.24 bln. Street is at $3.08 per share on $1.21 bln in revenue next year.

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: DVMT , SEAC , VRNT

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