Technology

Technology Sector Update for 03/08/2018: DVMT,WUBA

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MSFT +0.64%

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GOOG +0.82%

Technology stocks were firming Thursday, with shares of tech companies in the S&P 500 adding almost 0.3% in value while the Philadelphia semiconductor index was posting a nearly 0.2% decline.

Among technology stocks moving on news:

+ Dell Technologies ( DVMT ) gained Thursday, at one point climbing over 3% to a session high of $79.84 a share, after the information technology company reported adjusted Q4 net income from continuing operations of $1.10 billion, up from $1.09 billion from a year earlier. On a GAAP basis, the company reported a net loss from continuing operations of $553 million, narrowing from a net loss of $1.41 billion in the year-ago period. Revenue for the quarter was $21.9 billion, up from $20 billion reported for the same period last year.

In other sector news:

- 58.com ( WUBA ) has turned narrowly lower Thursday afternoon, giving back a nearly 6% advance earlier in the session that followed the online classified ads company reporting improved Q4 results compared with year-ago leval and also topping analyst estimates. Excluding one-time items, the company earned RMB3.69, or about $0.56, per American depositary share, reversing a RMB0.16 per share adjusted net loss during the same quarter last year and topping the Capital IQ consensus expecting a $0.29 per share non-GAAP profit. Revenue grew 32% year over year to RMB2.76 billion, or about $423.1 million, from RMB2.09 billion last year, also exceeding the Street view expecting $413.7 million.

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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