12.02.2022 Technology Sector Update: ASAN,PATH,IOT


Technology stocks fell on Friday, with the SPDR Technology Select Sector ETF ( XLK ) down 1.4% and the Philadelphia Semiconductor Index down 2.6%.

In company news, Asana (EX) fell 10% after forecasting fourth-quarter revenue of $144 million to $146 million, missing Capital IQ consensus expectations that the work management software company would earn $151.1 million in the three months ending in late January. .

UiPath (ROAD) rose nearly 12% late Thursday after reporting a surprise adjusted third-quarter profit of $0.05 a share, down from its year-ago quarter and beating the Capital IQ consensus of a net loss of $0.01 per share. The automation software firm’s revenue rose 19% year-over-year to $262.7 million, beating analysts’ average estimate of $255.9 million.

Samsara (IOT) cloud software company posted a nearly 24% year-over-year increase in its third-quarter non-GAAP net loss, beating analysts’ estimates, while revenue for the three months ended Oct. 29 rose 49% year-over-year to $169.8 million. dollars, surpassing analysts’ forecasts by $14.4 million. Samsara also narrowed its FY23 net loss and raised its revenue forecast for the 12 months to 31 January.

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



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