Top Tech Stocks
Technology stocks were following the broader markets lower Thursday, with shares of tech companies in the S&P 500 falling about 1.3% in recent trading.
In company news, Quantum Corp ( QTM ) slumped over 27% Thursday after the data capture, storage and protection company reported fiscal Q1 net income and revenue trailing analyst estimates despite small gains compared with year-ago levels.
Excluding one-time items, the company earned $0.04 per share during the April-to-June reporting period, doubling its non-GAAP $0.02 per share profit during the same quarter last year but still missing the Capital IQ consensus by $0.01 per share. Revenue grew just 0.5% over last year to $116.9 million, also lagging the $119.4 million analyst mean.
Also weighing on Quantum shares today was its sub-par Q2 and FY18 guidance.
For the current quarter, Quantum is projecting adjusted per-share earnings between $0.01 to $0.05 per share, trailing the Capital IQ consensus by at least $0.15 per share. It sees revenue declining from last year’s $134.7 million to a range of $120 million to $125 million, lagging the consensus estimate by at least $12.5 million.
The company also is expecting its FY17 adjusted net income to top its year-ago $0.46 per share non-GAAP net income by an undisclosed margin and revenue ranging between $515 million to $525 million. The Street is at $0.63 per share this year on $528.4 million in revenue.
In other sector news,
(+) LUNA, (+15.7%) Sells high-speed optical receiver business to MACOM Tech ( MTSI ) for $33.5 mln. Also trims Q2 net loss by $0.02 per share from year-ago period, reporting $0.01 per share net loss. Revenue falls 7.4% to $13.6 mln, missing the $14.2 mln single-analyst estimate.
(-) SYNC, (-28.9%) Lowers FY17 sale outlook below Street, paring prior projections by $20 mln to a new range of $140 mln to $150 mln, trailing the $163.5 mln consensus. Also sees FY17 net loss widening significantly from initial view, upstaging above-consensus Q2 results.
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