Markets

Sector Update: Technology

Technology stocks were narrowly lower with shares of technology companies in the S&P 500 slipping 0.1%.

In company news, Pixelworks Inc. ( PXLW ) shares rose Friday after the video-display company reported Q1 revenue that beat analyst forecasts while posting a smaller non-GAAP net loss for the quarter than Wall Street was expecting.

The company recorded a $2.5 million net loss, or $0.11 per share, during the three months ended March 31, improving on a $5.4 million net loss during the same quarter last year.

Excluding the final milestone payment for a customer co-development project and other one-time items, PXLW had a $800,000 non-GAAP net loss, or $0.04 per share, during its latest quarter, which compares with a $4.7 million non-GAAP net loss last year and beating analyst forecasts by $0.03 per share.

Revenue declined 10% from year-ago levels to $13.5 million, still topping the Thomson Reuters consensus by around $400,000.

For the current quarter ending in June, the company is expecting revenue in a range of $14 million to $16 million, up more than 50% over the year-ago period and beating the analyst consensus by at least $300,000. Non-GAAP Q2 EPS are projected in a range of break-even to a net loss of $0.11 per share, in-line with forecasts looking for a $0.05 per share net loss.

PXWL shares were up about 10.6% at $5.45 each in recent trade, climbing to a high of $5.59 a share earlier in today's session. The stock has a 52-week range of $2.30 to $9.05 a share, racing to a 114% advance over the past year.

In other sector news,

(+) UEPS, (+9.6%) EPS of $0.47 beats by $0.13 per share. Revenue climbs 24.3% to $138.1 mln, topping consensus view by $8.56 mln. Raises FY14 earnings guidance to at least $1.90 per share, exceeding expectations by $0.50 per share.

(+) UNXL, (+7.2%) Q1 net loss of $0.50 per share matches analyst estimates. The company reported no revenue during the quarter. Anticipates "achieving certain progress milestones" during Q2 and will disclose those activities as they develop.

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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