Technology sector

Technology Sector Update 4/20/2022: IBM,NXTP,PING

JTech stocks were moderately higher on Wednesday, with the SPDR Technology Select Sector ETF (XLK) up 0.3% and the Philadelphia Semiconductor Index up 0.2% this afternoon.

In corporate news, IBM (IBM) rose 7.9% after overnight reporting first-quarter net profit of $1.40 per share on $14.2 billion in revenue, topping Wall Street forecasts that expected $1.39 per share and $13.8 billion, respectively. The tech leader also said it sees FY22 revenue growing in the upper end of its single-digit percentage guidance range, compared to the average of analysts looking for 6.2% growth. This year.

NextPlay Technologies (NXTP) rose nearly 11% after completing its purchase of gaming assets and intellectual property from video game publisher goGame on Wednesday, including its game publishing platform goPlay and 37 casual games.

Ping Identity (PING) was down 1.1% as the cybersecurity company partnered with cloud-based identity access management security platform Automize to manage the identity access and security permissions, Authomize said Wednesday. Financial terms were not disclosed.

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