JTech stocks ended near their intraday highs on Tuesday, with the SPDR Technology Select Sector ETF (XLK) up 2.9% while the Philadelphia semiconductor index gained 5.0% this afternoon. .
In company news, Microvast Holdings (MVST) added 19% after the battery technology company nearly halved its first-quarter net loss from the same quarter in 2021, posting a loss of 0. $.15 per share, while revenue rose 146% year over year to $36.7. million. He also reiterated his forecast that revenue should rise this year by 35% to 45% from FY21 levels, straddling the estimate of a single analyst who expects an increase of nearly by 39%.
Sea Ltd (SE) jumped 14% after the digital entertainment company reported a first-quarter net loss that was lower than analysts expected and revenue also beating the Wall Street consensus. Excluding one-time items, Sea posted a non-GAAP net loss of $0.80 per share, while revenue grew 65% year-over-year to $2.90 billion, compared to to the consensus of Capital IQ which was looking for an adjusted loss of $1.22 per share on $2.86 billion in revenue. .
Take-Two Interactive Software (TTWO) rose 12% after announcing better than consensus results for its fiscal fourth quarter ended March 31 and also projected net profit and revenue for the current quarter to beat analysts’ estimates. For the first quarter, the gaming company expects to earn between $0.80 and $0.90 per share with a revenue range of $810 million to $860 million. Analysts were at $0.54 per share and $745 million, respectively.
On the losing side, Maxar Technologies (MAXR) slipped 2.2% after a BofA Securities downgrade of the earth imagery and geostatic data company for underperforming from neutral, coupled with an $11 cut of his target price for the stock at $25 per share.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.