Technology Sector Update for 04/19/2022: SMCI,NTGR,GTLB

TTechnology stocks were advancing on Tuesday, with the SPDR Technology Select Sector ETF (XLK) rising 1.5% and the Philadelphia Semiconductor Index gaining 1.8% this afternoon.

In company news, Super Micro Computer (SMCI) was streaking almost 21% higher after the server and data storage equipment company raised its Q3 earnings forecast, now expecting non-GAAP net income in a range of $1.40 to $1.50 per share for the three months ended March 31, up from its prior guidance looking for $0.70 per share to $0.90 per share and blowing past the Capital IQ consensus expecting it to earn $0.79 per share, excluding one-time items.

GitLab (GTLB) added 7.6% after Tuesday announcing a new software licensing program contract through the state of California allowing local and state agencies to buy discounted software licenses from the company. GitLab said the deal also will expand its software development and operations services and could eventually lower its costs and streamline customer procurement.

Netgear (NTGR) slid 2.3% after the networking equipment firm cut its Q1 revenue outlook, blaming a shrinking consumer market for connected home products in the US as well as supply disruptions to its Server Message Block protocol business due to recent COVID-19 lockdowns in shenzhen. The company now is projecting revenue for the three months ended March 31 in a range of $202 million to $212 million, down from its prior forecast expecting between $225 million to $240 million and trailing the $231.6 million analyst mean.

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

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