Technology sector

Tech Sector Update 10/08/2022: SMCI,AXON,CYBR

JTech stocks were up midweek, with the SPDR Technology Select Sector ETF (XLK) up 2.2% and the Philadelphia Semiconductor Index up 3.3% this afternoon.

In company news, Super Micro Computer (SMCI) gained 12% after reporting fiscal fourth-quarter results overnight that beat Wall Street expectations and the data storage company also forecast net profit and non-GAAP revenue for the current quarter and its fiscal year 23 ending next June, all leading. analyst projections. Excluding one-time items, it earned $2.62 per share in the three months ended June 30 on revenue of $1.64 billion, while Capital IQ consensus expects $2.35 per share and $1.6 billion, respectively.

Axon Enterprise (AXON) rose more than 15% after reporting better second-quarter results that beat Wall Street expectations and the video and digital recording company also raised its FY22 revenue outlook by $20 million at both ends of its forecast range. Excluding one-time items, it earned $0.44 per share on $285.6 million in the June quarter, beating Street’s expectations for adjusted net earnings of $0.39 per share on 258 $.96 million in revenue.

CyberArk Software (CYBR) added 9.4% after announcing better-than-expected second-quarter results on Wednesday and the Israeli cybersecurity company also cut its expected net loss for FY22 and raised its revenue forecast. Excluding one-time items, its net loss for the three months ended June 30 was $0.27 per share, reversing adjusted earnings of $0.01 per share in the same quarter last year, but still beating consensus. of Capital IQ for a net non-GAAP of $0.30 per share. loss.

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