GOOG

Technology Sector Update for 02/03/2023: GOOG,GOOGL,AAPL,AI

Technology stocks were retreating again Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.4% and the Philadelphia Semiconductor Index declining 2.6%.

In company news, Alphabet (GOOG, GOOGL) shares were down nearly 3% after reporting Q4 earnings of $1.05 per share, down from $1.53 per share a year earlier, and missing analysts' consensus estimate of $1.19.

Apple (AAPL) rose 3%, rebounding from an early 2% decline, a day after the tech company reported fiscal Q1 non-GAAP net income and revenue trailing year-ago comparisons and also missing Wall Street expectations for the three months ended Dec. 31. Excluding one-time items, it earned $1.88 per share on $117.20 billion in revenue, lagging the Capital IQ forecast expecting $1.95 per share and $121.60 billion, respectively.

C3.ai (AI) climbed more than 19% after DA Davidson began coverage of the artificial intelligence software firm's stock with a buy rating and a $30 price target.

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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