Markets

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.

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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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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