AIRG

Technology Sector Update for 09/07/2017: AVNW, EGAN, AIRG

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Technology stocks were edging higher in recent trading, with shares of tech companies in the S&P 500 adding about 0.4% in extra value today.

In company news, Aviat Networks ( AVNW ) climbed to a session high of $17.84 a share during Thursday trading after the microwave communications company significantly narrowed its fiscal Q4 non-GAAP net loss compared with year-ago levels.

Excluding one-time items, the company posted a non-GAAP net loss of $0.03 per share during the three months ended June 30, improving on a $1.22 per share loss during the same quarter last year while revenue declined 3.1% from last year to $56.4 million. Analyst estimates were not available.

For the current quarter ending later this month, Aviat is projecting revenue in a range of $57 million to $60 million. It also is looking for between $245 million to $260 million in FY18 revenue, topping its $241.9 million in revenue during the recently concluded 12 months ended June 30.

In other sector news,

(+) EGAN, (+28.1%) Reports Q4 EPS of $0.00, better than a single estimate for a $0.08 loss. Revenue drops to $14.6 mln but still tops the $13.4 mln estimate from two analysts.

(-) AIRG, (-15.4%) Sees FY17 revenue rising 12% to 15% over prior year compared with analyst consensus looking for 26.6% growth to $54.8 mln. Also projects an increase of over 20% in FY18 revenue while Street is modeling a 20.2% rise next year.

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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