Tech Stocks Narrowly Lower; Pixelworks Up 10% After Q1 Revenue Tops Street View

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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.

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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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