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

Technology stocks extended their Friday retreat this afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.8% and the Philadelphia Semiconductor Index declining 1.9%.

In company news, Iteris (ITI) rose over 12% after the roadway software and infrastructure company reported fiscal Q3 results beating Wall Street expectations, including a 27% year-over-year rise in revenue to a best-ever $40.7 million. Iteris Friday also named a new chief financial officer, hiring former Romeo Power CFO Kerry Shiba. (AI) climbed almost 18% after DA Davidson began coverage of the artificial intelligence software firm's stock with a buy rating and a $30 price target.

Apple (AAPL) rose 2.4%, 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. 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.

To the downside, Alphabet (GOOG, GOOGL) shares were down 3.3% 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.

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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