Technology sector

Tech Sector Update 03/04/2022: AI,VZIO,DUOL,PWSC

JTech stocks were struggling on Friday, with the SPDR Technology Select Sector ETF (XLK) down 2.2% while the Philadelphia Semiconductor Index lost 3.2% this afternoon.

In company news, (AI) fell nearly 15% after Deutsche Bank downgraded its shares for the artificial intelligence software company to sell on hold and cut by half his price target for shares at $18 each.

Vizio (VZIO) fell on Friday, recently dropping 22% to a new record high of $10.36 per share, after the “smart” TV producer reported a 14.4% drop in fourth-quarter revenue from year-ago levels, falling to $628.8 million and missing the Capital IQ consensus expects $695.9 million in revenue in the three months ended Dec. 31.

On the upside, Duolingo (DUOL) climbed 4.7% after reporting better-than-expected fourth-quarter results, including a 51% increase in revenue over year-ago levels. The language-learning software company forecast first-quarter and fiscal 22 revenue above Wall Street forecasts.

PowerSchool Holdings (PWSC) rose nearly 11% after the K-12 educational software company surprised Wall Street by earning $0.14 per share in the three months ended Dec. 31, excluding items punctual. PowerSchool’s fourth-quarter revenue beat consensus estimates and the company guided first-quarter and fiscal 22 revenue above street views.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.