Technology Sector Update for 02/07/2023: ZM, BIDU, VRNS, TOST, GOOG, GOOGL

Technology stocks extended their gains late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 2.3% and the Philadelphia Semiconductor Index rising 2.9%.

In company news, Zoom Video Communications (ZM) gained over 9% after saying that it will lay off about 15% of its workforce, or 1,300 employees. Chief Executive Officer Eric Yuan said the company made some mistakes, including faltering in analyzing teams thoroughly and assessing sustainable growth.

Baidu (BIDU) was up 12% following reports the Chinese firm is preparing to launch an artificial intelligence chatbot in March.

Varonis Systems (VRNS) was up almost 8% after it reported better-than-expected Q4 adjusted earnings of $0.21 per share, up from $0.16 per share a year earlier. Analysts polled by Capital IQ expected an adjusted EPS of $0.17.

Toast (TOST) was advancing 3% after it formed a partnership with Alphabet (GOOG, GOOGL) unit Google to launch a food ordering channel for Toast restaurant guests.

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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