Technology Sector Update for 11/08/2022: TASK,DIOD,LITE

Technology stocks were advancing in recent trading, with the SPDR Technology Select Sector ETF (XLK) rising 1.1% while the Philadelphia Semiconductor Index was gaining 2.3% Tuesday afternoon.

In company news, TaskUs (TASK) shares surged nearly 35% after the digital outsourcing company late Monday reported improved Q3 results compared with the year-ago period and beating Wall Street expectations. It also is projecting Q4 revenue in a range of $231 million to $233 million, compared with the Capital IQ consensus looking for $228.1 million in Q4 revenue.

Diodes (DIOD) climbed 4% after overnight reporting a best-ever adjusted profit of $2.00 per share for its Q3 ended Sept. 30, up from $1.47 per share during the same quarter last year and beating the Capital IQ consensus expecting the semiconductor manufacturer earning $1.88 per share, excluding one-time items.

Lumentum Holdings (LITE) shares slid almost 14% after the optical and photonic equipment company projected non-GAAP net income and revenue for its current Q2 trailing analyst estimates. Excluding one-time items, it sees net income in a range of $1.20 to $1.45 per share on between $490 million to $520 million in revenue. Analysts, on average, are expecting a $1.60 per share adjusted on $530.6 million in Q2 revenue.

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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