Quantcast

Technology Sector Update for 12/06/2018: MEI, OKTA, MOMO


Shutterstock photo

Top Technology Stocks

MSFT, +0.2%

AAPL, -1.6%

IBM, +1.2%

CSCO, +1.6%

GOOG, +1.1%

Major technology stocks were mostly higher, but the sector clung to losses with the S&P 500 slipping 1.2% just before the closing bell on Thursday.

In company news, Methode Electronics ( MEI ) fell more than 21% after it reported fiscal Q2 adjusted earnings of $0.75 per share, up slightly from $0.74 per share in the prior year period and higher than the $0.67 per share Street estimate provided by Capital IQ. Net sales for the quarter ended Oct. 27 were $264 million, up from $230.1 million reported for the same period last year but lower than the $269.6 million Street estimate. Methode said that for fiscal 2019, the company now expects earnings of $2.02 to $2.33 per share on sales of $1 billion to $1.04 billion, compared with a previous outlook of $2.81 to $2.96 per share on sales of $950 million to $970 million.

In other sector news,

(+) Okta ( OKTA ) Anticipates fiscal Q4 non-GAAP net loss per share of $0.09 to $0.08, and revenue of $107 to $108 million. Wall Street was looking for a net loss per share of $0.11, and revenue of $99.9 million. The company reported non-GAAP net loss shrank to $0.04 per share, in the three months ended Oct. 31, from a net loss of $0.19 per share, in the year-ago period. The average estimate of analysts surveyed by Capital IQ was for a net loss of $0.11 per share. Fiscal Q3 revenue grew 58% to $105.6 million year-over-year, surpassing the analyst consensus of $96.9 million. For FY19, the company said it now anticipates non-GAAP net loss per share of $0.37 to $0.36, and revenue of $391 to $392 million. Wall Street was looking for a loss of $0.47 per share on revenue of $375.1 million.

(-) Momo ( MOMO ) Reports Q3 adjusted net income of $0.53 per American depositary share, up from $0.45 per ADS in the prior year period. Net revenues were $536 million, up from $354.5 million reported for the same period last year. Analysts surveyed by CapIQ forecast earnings of $0.53 on revenue of $535.3 million. For Q4, the company expects revenues of RMB3.66 billion to RMB3.76 billion.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Technology , Commodities
Referenced Symbols: MEI , OKTA , MOMO



More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities










Research Brokers before you trade

Want to trade FX?