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Technology stocks continue to lead the U.S. markets higher on Friday, with shares of tech companies in the S&P 500 adding over 1.5% in value today while the Philadelphia semiconductor index was posting a nearly 2.0% gain.
Among technology stocks moving on news:
- Quotient Technology ( QUOT ) has turned lower late in Friday trading, giving back a more than 2% gain that initially followed the digital coupons company announcing its purchase of privately held Ahalogy, an influencer marketing firm delivering content for consumer packaged goods brands. Financial terms of the translation were not disclosed but Quotient said the acquisition will enhance its portfolio of marketing activities for consumer packaged goods and for retailers by using influential people to promote products through social media.
In other sector news:
+ Zuora ( ZUO ) rose to another all-time high on Friday, climbing almost 7% to a best-ever $23.68 a share, after reporting a smaller-than-expected Q1 net loss and revenue also topping Wall Street estimates in its first partial quarter as a public company. The subscription software firm began trading as a public company on April 12 and late Thursday reported a GAAP Q1 net loss of $0.43 per share, expanding on a $0.33 per share loss during the same quarter last year but still coming in $0.06 per share narrower than the Capital IQ consensus for the three months ended April 30. Excluding one-time items, the adjusted net loss deepened to $0.32 per share from $0.27 per share in the year-ago and also besting the Street view looking for a $0.40 per share non-GAAP net loss. Revenue jumped 60% year-over-year to $51.7 million to surpass the analyst mean by around $2.7 million. The company is also projecting a smaller net loss and higher revenue during the current Q2 and FY18 compared with the consensus calls for those periods.
+ VMware ( VMW ) climbed as much as 8% on Friday after the network and cyber-security software firm posted Q1 net income and revenue exceeding Wall Street expectations. Excluding one-time items, the company earned $1.26 per share during the three months ended May 4, rising 18% over its $1.06 per share adjusted profit during the year-ago perod and surpassing the Capital IQ consensus by $0.11 per share. Revenue increased 14% over the same quarter last year rose to $2.0 billion, also exceeding the $1.96 billion Street view.
+ Marvell Technology Group ( MRVL ) was almost 4% higher this afternoon, hanging on to most of an over 5% gain earlier that followed the specialty chipmaker reporting adjusted Q1 net income and revenue beating Wall Street projections. Excluding one-time items, Marvell earned $0.32 during the three months ended May 5, up 33% over its $0.24 per share non-GAAP profit last year and surpassing the Capital IQ consensus by $0.01 per share. Revenue increased to $604.6 million compared with $572.7 million in the year-ago period and also topping the $601.9 million analyst mean. For Q2, the company is modelling adjusted net income in a range of $0.32 to $0.36 per share on between $600 million to $630 million in revenue. Analysts, on average, are forecasting non-GAAP net income of $0.33 per share on $621.1 million in revenue.
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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.
