Sector Update: Tech
Technology stocks were slightly lower in late afternoon trade with shares of technology companies in the S&P 500 declining about 0.1%.
In company news, Millennial Media ( MM ) plunged Tuesday after the digital advertising company late yesterday swung to a fiscal Q3 net loss compared with a year-ago profit and revenue trailed Wall Street expectations.
Excluding one-time items, MM recorded a a non-GAAP net loss $0.06 per share, reversing a $0.02 per share profit during the same quarter last year but still topping analyst estimates looking for an $0.08 per share quarterly loss. On a GAAP basis, it lost $0.14 per share, widening from a $0.04 GAAP loss last year.
Revenue rose 18.1% year over year to $67.3 million, trailing the Capital IQ consensus by around $6 million.
For the current quarter, MM is expecting revenue in a range of of $65 million to $70 million, trailing the Street view by at least $8 million.
MM shares were down 15.2% at $2.50 apiece, earlier falling to a new 52-week low of $2.43 a share.
In other sector news,
(+) TRAK, Adjusted Q2 net income of $22.4 mln, or $0.41 per share, tops $16.7 mln year-ago profit and beating Capital IQ consensus by $0.04 per share. Revenue rises 84.6% to $224.8 mln, exceeding estimates by $12 mln. Guides FY14 revenue above Street.
(-) NUAN, Projected Q4 adjusted EPS outlook of $0.24 to $0.29 lags consensus by at least $0.05 per share. Revenue forecast of $500 mln to $520 mln trails by at least $20.5 mln. Q3 GAAP net loss was seventh in a row while revenue missed by $12 mln.
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