Technology sector

Tech Sector Update 06/01/2022: APPS,FB,META,CRM

JTech stocks were down on Wednesday, with the SPDR Technology Select Sector ETF (XLK) down 0.8% while the Philadelphia semiconductor index slid 2.5% this afternoon.

In corporate news, Digital Turbine (APPS) fell nearly 23% after the media software company missed Wall Street expectations with its fourth-quarter earnings and also forecast below-consensus results for the current quarter ending June 30. Excluding one-time items, the company sees Q1 net income in the range of $0.34 to $0.35 per share on revenue of between $183 million and $187 million. Analysts are looking for an average of $0.44 per share and $357.1 million, respectively.

Meta Platforms (FB) was down 1.1% after the social media company said overnight that it plans to complete its Facebook transformation next week and start using its new symbol META on the 9th. June.

Salesforce (CRM) rose 9.3% after the customer relationship management software company forecast FY23 earnings in the range of $4.74 to $4.76 per share, beating the average analysts looking for earnings of $4.66 per share this year.

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