Technology sector

Technology Sector Update 11/08/2022: ENVX,VZIO,AOSL

JTech stocks were still on the rise, with the SPDR Technology Select Sector ETF (XLK) rising 0.2% on Thursday while the Philadelphia semiconductor index gained 0.6% this afternoon.

In company news, Enovix (ENVX) soared nearly 32% after announcing a follow-on contract late Wednesday to build and test custom lithium-ion cells for use in portable batteries carried by soldiers. of the US Army. Separately, Enovix overnight reported an adjusted net loss of $0.13 per share on $5.1 million in revenue in its second quarter ended July 3, beating Wall Street estimates looking for a loss of $0.17 per share on $320,000 in revenue.

VIZIO (VZIO) gained more than 18% after the home entertainment equipment company reported surprise second-quarter earnings of $0.01 per share, reversing a net loss of $0.08 per share during from the prior year quarter and beating the Capital IQ consensus looking for a net $0.02 per share. loss. Revenue rose 1.9% to $408.9 million, also beating analysts’ estimate of $407.2 million.

Alpha and Omega Semiconductor (AOSL) rose 9.9% after the chipmaker reported earnings of $0.95 per share for its fiscal fourth quarter ended June 30, unchanged from year-to-year levels prior, but beating analyst consensus of $0.09 per share. Revenue grew 9.4% year-over-year to $194 million, also topping Street View’s $190 million.

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