Technology Sector Update for 12/06/2022: AMSC, KVHI, GTLB

Technology stocks were declining Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2% and the Philadelphia Semiconductor Index sliding 1.9%.

In company news, American Superconductor (AMSC) was falling 3.5% after the specialty chipmaker said it received an order to provide a high-temperature superconductor-based ship protection system for Huntington Ingalls' (HII) shipbuilding unit.

KVH Industries (KVHI) dropped 6.6% after the networking equipment company reported Q3 revenue of $35.2 million during the three months ended Sept. 30 compared with $34.4 million in revenue last year but still trailing the Capital IQ consensus looking for $37.4 million.

GitLab (GTLB) added 6.7%, a day after the software development company reported a non-GAAP Q3 net loss of $0.10 per share, improving on a $0.34-per-share loss during the same quarter last year and beating the Capital IQ consensus looking for a $0.15-per-share adjusted loss. Revenue for the three months ended Oct. 31 of $113 million also exceeded Wall Street forecasts and the company raised its fiscal 2023 outlook above analyst estimates.

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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