Sector Update: Tech
Technology stocks were posting strong gains Monday with shares of technology companies in the S&P 500 rising more than 0.8%.
In company news, Sky-mobi ( MOBI ) rose Monday after the online platform company for mobile devices reported improved Q2 earnings and revenue compared with its year-ago results, fueled by growth in its smartphone business.
MOBI American depository shares were up 24.3% at $8.34 apiece, earlier topping out during today's session at $8.50 per ADS. The stock has traded within a 52-week range of $3.01 to $12.69 per ADS, climbing just under 118% over the past 12 months.
The company today reported Q2 earnings of RMB0.28 per share, or $0.04 per ADS, on around $27.4 million in quarterly revenue. Analyst estimates were not available for comparison. It attributed the 35.9% year-over-year jump in revenue to growth in single- and multi-player games on its Maopao platform as well as through third-party distribution channels.
For the current quarter ending next month, the company is expecting revenue in a range of $32.6 million (RMB200 million) to $34.2 million (RMB210 million).
In other sector news,
(-) NXPI, (-2.1%) Cut to Sell from Neutral at Goldman Sachs.
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