Information technology stocks were in the spotlight this week as Wall Street digested gains from tech giants including Apple (AAPL), Microsoft (MSFT) and chipmaker Qualcomm (QCOM).
So far this quarter, the technology sector (NYSERCA:XLK) is trading 8% lower, compared with a 0.5% drop in the broader index. S&P500 Index.
In this week's earnings roundup, 25 tickers reported results, of which 19 companies reported earnings that were higher than expected, three reported earnings that were lower, and three were within forecast ranges. On the revenue side, 20 companies beat revenue estimates, while five companies were below estimates.
Below are the latest quarterly reports from some of the key players, which reported results this week:
Microsoft shares fell slightly more than 3% in after-hours trading on Tuesday after the tech giant reported fiscal fourth-quarter results that beat expectations, but Azure growth was weaker than expected.
Apple shares rose in extended trading Thursday after the iPhone maker reported fiscal third-quarter results that beat expectations.
Qualcomm shares rose 4.5% in after-hours trading on Thursday after the chipmaker reported fiscal third-quarter results and guidance, which beat expectations. Revenue from mobile phones rose 12% year-over-year to $5.9 billion, while auto sales rose 87% to $811 million.
Similarly, Advanced Micro Devices (AMD) beat second-quarter estimates due in part to record revenue from its data center segment, as the semiconductor company released its latest financial results after markets closed on Tuesday. AMD shares rose nearly 6% during early after-hours trading.
Intel (INTC) shares fell about 27% on Friday after second-quarter results and outlook came in below estimates.
So far this quarter, 41 of the 349 companies that reported results are part of the Information technology sector.
At the industry level, nine software companies, 15 semiconductor and semiconductor equipment companies, four communications equipment companies, six electronic equipment, instruments and components companies, four IT services companies, and three technology hardware, storage and peripherals companies reported earnings this quarter.
Nearly 15% of S&P 500 information technology companies that have reported earnings so far this quarter have posted below-expected results, 76% of companies have beaten expectations, while 10% have exceeded expectations. In terms of revenue, 24% of companies missed expectations, while 76% of companies beat expectations.
Notable technology names scheduled to report earnings next week include Akamai Technologies (AKAM).
