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Technology stocks rebounded strongly heading into Friday’s close, with the SPDR Technology Select Sector ETF (XLK) rising 1.4%, shaking off a nearly 1% decline for Apple (AAPL) after Bloomberg reported the sector titan was suspending new hiring in outside research and development.
The Philadelphia Semiconductor Index also was surging 4.1% Friday afternoon.
In company news, nLIGHT (LASR) slid nearly 12% after the specialty chipmaker and fiber lasers company reported a wider Q3 net loss than analysts were anticipating along with a 17% year-over-year drop in revenue for the September quarter, also missing analyst estimates. For the current quarter, the company sees revenue in a range of $53 million to $59 million compared with the analyst mean of $60.6 million in Q4 revenue.
Atlassian (TEAM) tumbled more than 29% after the software licensing company reported a decline in its fiscal Q1 earnings compared with year-ago levels, trailing analyst estimates, and projected revenue for the current quarter lagging consensus views. For its Q2 ending in December, the company sees revenue in a range of $835 million to $855 million compared with the Capital IQ consensus looking for $879.6 million.
On the upside, ACM Research (ACMR) was gaining 6.4%, backing down from an early 19% spike, after the chipmaking-equipment company easily dispatched market expectations with its Q3 results, earning $0.42 per share during the three months ended Sept. 30, excluding one-time items, more than doubling its $0.19 per share adjusted profit during the same quarter last year and topping the Capital IQ consensus expecting $0.23 per share. Revenue grew 99.5% year-over-year to $133.7 million, also outpacing the $113.3 million Street view.
Universal Display (OLED) climbed nearly 12% after the organic light emitting diode manufacturer late Thursday reported a Q3 profit of $1.12 per share, up from $0.97 per share during the same quarter in 2021 and beating the three-analyst consensus call by $0.06 per share. Total revenue also increased to $160.6 million compared with $143.6 million in revenue during the same quarter last year and also topped the $155.7 million analyst mean.
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