Technology Sector Update for 02/28/2019: ESTC,AAPL,DAVA

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Top Tech Stocks

MSFT, +0.01%

AAPL, -0.6%

IBM, -0.7%

CSCO, +0.5%

GOOG, +0.4%

Technology stocks were mostly in negative territory, with shares of tech companies in the S&P 500 slipping some 1% just before the closing bell on Thursday.

In company news, Elastic N.V. ( ESTC ) fell nearly 9% after the provider of software products reported a fiscal Q3 adjusted loss of $0.16 per share, narrower than the $0.31 loss per share mean estimate compiled by Capital IQ. Revenue for the quarter ended Jan. 31 was $70.8 million, up from $41.7 million reported for the same period last year and higher than the $65.8 million Street estimate. For fiscal Q4, the company expects to report an adjusted net loss of $0.30 to $0.28 per share on revenue of $74 million to $76 million. For fiscal 2019, which ends April 30, the company expects an adjusted net loss of $1.13 to $1.11 per share on revenue of $265 million to $267 million. The Street consensus calls for a net loss of $1.10 per share on revenue of $267 million.

In other sector news,

(+) Endava ( DAVA ) posted fiscal Q2 results above analysts' expectations.

(-) Apple ( AAPL ) confirmed that it planning to lay off 190 people from its self-driving car project, known as Project Titan.

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: ESTC , DAVA , AAPL

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