Technology sector

Tech Sector Update 2/17/2022: INFA,FSLY,PLTR,MRIN

JTech stocks fell sharply this afternoon, with the SPDR Technology Select Sector ETF (XLK) on Thursday down 2.8% and the Philadelphia Semiconductor Index down 3.4% late in the session.

In company news, Informatica (INFA) fell nearly 29% after the cloud management company reported fourth-quarter non-GAAP net income of $0.20 per share, down compared to its earnings of 0.21 per share in the year-ago quarter and trailing the Capital IQ consensus of $0.01 per share.

Fastly (FSLY) fell nearly 33% after the edge cloud platform company said it expects a non-GAAP net loss for FY22 of between $0.60 and 0. $.50 per share, lagging Capital IQ’s consensus that is looking for a normalized loss of $0.48 per share this year. He also sees FY22 revenue in the range of $400 million to $410 million compared to the street view of $419 million.

Palantir Technologies (PLTR) fell 14% after the counterterrorism software company reported fourth-quarter adjusted net income fell to $0.02 per share from non-GAAP earnings of 0, $0.03 per share in the last three months of 2020 and lagging Capital IQ consensus that expects Palantir to earn $0.04 per share, excluding single times in the three months ended 31 December.

On the upside, Marin Software (MRIN) rose more than 14% after the company said overnight it had integrated TikTok’s Ad Manager into its flagship online advertising platform MarinOne, allowing advertisers to optimize TikTok campaigns alongside other paid social media, paid search, e-commerce, display and app campaigns.

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