Technology

Technology Sector Update for 05/05/2016: AVID,SYNC,CBR

Top Tech Stocks

MSFT +0.16%

AAPL -1.17%

IBM +1.36%

CSCO -0.73%

GOOG +0.76%

Technology stocks were narrowly lower today, with shares of tech companies in the S&P 500 decreasing about 0.2%, giving back small gains from earlier in the day.

In company news, Avid Technology ( AVID ) rose today after the digital media software company late Wednesday reported a much larger-than-expected Q1 profit, reversing a year-ago net loss, as revenue increased 20.3% over the same quarter last year.

Q1 net income during the three months ended March 31 was $20.9 million, or $0.53 per share, compared with a $169,000, or $0.00 per share, net loss last year and crushing a two-analyst consensus call expecting only $0.13 per share. Revenue rose to $143.8 million from $119.6 million last year, also topping the Street view by around $2.4 million.

The company also provided in-line revenue guidance for the current quarter and FY16.

AVID shares were up almost 9% at $5.88 each, easing somewhat from a session high of $6.04 a share.

In other sector news,

(+) SYNC, Selected to provide portal services for AT&T ( T ) customers driving user engagement. Contract expected to generate around $100 million in yearly revenue following full product deployment in 2017.

(-) CBR, Reports non-GAAP Q1 net loss of $0.13 per share, reversing year-ago profit and lagging Wall Street expectations for a $0.01 per share gain. Revenue falls 11% to $175.1 mln, trailing estimates by $20.9 mln.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

SYNC T AVID

Other Topics

Commodities

Latest Technology Videos

Sundar Pichai's Google Move Will Increase Visibility, Techonomy's Kirkpatrick Says

David Kirkpatrick, chief executive officer and founder of Techonomy Media, discusses the decision by Google founders Larry Page and Sergey Brin to make Sundar Pichai chief executive officer of both Google and its holding company Alphabet Inc.

Dec 4, 2019