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Technology stocks were declining on Friday, with the SPDR Technology Select Sector ETF (XLK) falling 1.4% and the Philadelphia Semiconductor Index sliding 2.6% this afternoon.
In company news, Asana (ASAN) dropped over 10% after forecasting Q4 revenue in a range of $144 million to $146 million, lagging the Capital IQ consensus expecting the work management software firm to generate $151.1 million in revenue for the three months ending in late January.
UiPath (PATH) rose almost 12% after late Thursday reporting a surprise adjusted Q3 profit of $0.05 per share, improving on the break-even quarter during the year-ago quarter and beating the Capital IQ consensus expecting a normalized net Q3 loss of $0.01 per share. Revenue for the automation software firm increased 19% year-over-year, growing to $262.7 million and also topping the $255.9 million analyst mean.
Samsara (IOT) gained nearly 24% after the cloud software company narrowed its non-GAAP Q3 net loss from year-ago levels, exceeding analyst estimates, while revenue for the three months ended Oct. 29 increased 49% year-over-year to $169.8 million and beating analyst estimates by $14.4 million. Samsara also trimmed its projected FY23 net loss and raised its revenue forecast for the 12 months ending Jan. 31.
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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