Technology sector

Technology Sector Update 2/11/2022: AMD, XLNX, FRSH, MPWR, GDDY

JTech stocks were hit hard on Friday, with the SPDR Technology Select Sector ETF (XLK) slipping 3.1% and the Philadelphia Semiconductor Index plunging 5.1% this afternoon.

In company news, Advanced Micro Devices (AMD) fell 10% on Friday after an overnight regulatory filing showed chief financial officer Devinder Kumar exercised options to buy 28,694 shares of the device maker. chips at $12.83 each, then sold those shares via a pre-arranged 10b5 rule. -1 trading plan at $112.25 each. Earlier Thursday, the company said it had obtained all necessary approvals to finalize its proposed acquisition of Xilinx (XLNX) and expects to close the deal on Monday, February 14. Shares of Xilinx also fell almost 10% late in the trade.

Freshworks (FRSH) fell nearly 15% after the software company reported a fourth-quarter net loss of $0.28 per share on a GAAP basis, improving the loss of $15.41 per share during the prior year period, but still missing the Capital IQ consensus looking for a $0.23 per share. share the GAAP loss for the three months ended December 31.

Among the gainers, Monolithic Power Systems (MPWR) soared 4.4% after the chipmaker on Thursday night reported improved fourth-quarter earnings and revenue from year-ago levels and topped Wall Street expectations for the three months ended December 31. The company also expects revenue for its current Q1 in the range of $354 million to $366 million, beating the analyst average of $322 million.

GoDaddy (GDDY) rose 8.4% after the web development company reported fourth-quarter net income of $0.52 per share, from $0.41 per share, while revenue rose 16 .7% year-over-year to $1.02 billion and topped Capital IQ’s consensus expectation of $973.1 million in revenue for the three months ended Dec. 31.

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