Technology sector

Technology Sector Update for 02/04/2022: EGAN, SNAP, UI, VSAT

JTech stocks added to their earlier gains this afternoon, with the SPDR Technology Select Sector ETF (XLK) on Friday up 1.0% while the Philadelphia semiconductor index was up 1.1 %.

In corporate news, eGain’s (EGAN) gained more than 26% after announcing fiscal second quarter earnings and revenue that beat prior-year comparisons and analysts’ forecasts and also raised its outlook. revenue for fiscal year 22. For the 12 months ending June 30, the customer relationship software company now expects revenue in the range of $90.5 million to $92.0 million, up down $1.5 million from its previous forecast and topping the Capital IQ consensus expectation of $89.9 million.

Snap (SNAP) soared more than 59% on Friday, more than reversing its nearly 24% decline in the previous session, after the social media company reported net profit and revenue late on Thursday. Fourth-quarter GAAP beat Wall Street expectations and projected revenue for the current quarter also beat analysts’ estimates.

Among the decliners, ViaSat (VSAT) fell 7.1% after Needham cut its price target for the communications equipment company by $4 to $66 per share, but reiterated its investment grade d buying for the title.

Ubiquiti (UI) fell more than 11% after the networking equipment company reported second-quarter non-GAAP net income of $1.66 per share, down from its adjusted profit of 2 $.53 per share in the same quarter in 2020 and missing a single analyst’s estimate of $2.29 per share, excluding one-time items.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.