Technology sector

Technology Sector Update 8/5/2022: TWLO, NET, GSAT

JTech stocks were down on Friday, with the SPDR Technology Select Sector ETF (XLK) down 0.3% while the Philadelphia semiconductor index slid 0.9% this afternoon.

In corporate news, Twilio (TWLO) fell nearly 13% after it released third-quarter guidance overnight that lagged analysts’ projections. Cloud networking company forecast non-GAAP net loss in range of $0.43 to $0.37 per share on revenue of $965 million to $975 million, as Capital consensus IQ forecasts a net loss of $0.11 per share on revenue of $979.3 million.

Globalstar (GSAT) rose 3.9% after the mobile satellite company reported a 21.5% increase in second-quarter revenue from year-ago levels to 36.8 million and exceeding a single analyst’s estimate of $29.9 million.

Cloudflare (NET) rose more than 25% after the cloud services company surprised Wall Street with a second-quarter breakeven, improving on a loss of $0.02 in the year-ago quarter and beating the consensus of Capital IQ which expected a net loss of $0.01 per share. The company guided current-quarter revenue above analyst estimates in addition to raising its revenue forecast for FY22.

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