Technology sector

Tech Sector Update for 04/01/2022: DCT,RDW,BB,BB.TO,HUSN

JTech stocks pared some of their declines from Friday, with the SPDR Technology Select Sector ETF (XLK) dropping 0.3% late in the session while the Philadelphia semiconductor index fell 1.8% this afternoon.

In company news, Duck Creek Technologies (DCT) fell nearly 14% after the software-as-a-service company reported a surprise non-GAAP net loss of $0.01 per share for its second fiscal quarter ended February 28, an improvement of $0.05 per share. share of adjusted loss in the same quarter last year. The company forecast between $71 million and $73 million in revenue for the third fiscal quarter, compared to $75.9 million for Street View.

Redwire (RDW) fell nearly 29% after Jefferies cut its price target for the stock to $13 from $15 while maintaining its buy rating after its 2021 results.

BlackBerry (BB) fell more than 10% after the security software company reported non-GAAP net income of $0.01 per share for its fiscal fourth quarter ended Feb. 28, halving its profit adjusted from a year ago, while revenue fell 11.9% year-over-year. at $185 million. The results, however, still topped the consensus of analysts looking for a non-GAAP net loss of $0.04 per share on $183.8 million in revenue.

On the upside, nCino (NCNO) rose nearly 14% after the software-as-a-service company on Thursday night reported fourth-quarter revenue beating Wall Street expectations and projected revenue for its current first-quarter and FY23 also beating analysts’ estimates. The company forecasts revenue for the three months ending April 30 in the range of $91 million to $92 million and between $398 million and $400 million in fiscal 23 revenue, compared to Capital IQ’s consensus calls on the research of $75.9 million and $331.7 million, respectively.

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