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Information technology stocks continued to be in the spotlight this week, with headline-grabbing companies like Apple (AAPL), Super Microcomputer (SMCI), Advanced Micro Devices (AMD), and Qualcomm (QCOM) reporting their earnings.
Information Technology Sector Quarter to Date (NYSEARCA:XLK) has decreased by nearly 6%. More than 3% decline in SPY.
In this week's earnings roundup, 21 tickers reported earnings, with 19 reporting higher earnings and two reporting lower earnings. On the earnings front, 14 companies exceeded earnings expectations, while seven companies came in below expectations.
Apple (AAPL) stock rose on Thursday after the iPhone maker reported better-than-expected second-quarter results despite concerns over iPhone sales in China. The company also announced a $110 billion share buyback, the largest ever in the United States.
Shares of AI server maker Super Micro (SMCI) fell after mixed third-quarter results. Sales in the third quarter tripled compared to the same period last year, but fell short of market expectations.
Chipmaker AMD (AMD) reported first-quarter financial results and second-quarter outlook that were largely in line with expectations.
So far this quarter, 42 of the 383 companies that have reported results are in the information technology sector.
At the industry level, there is one professional services company, nine software companies, 14 semiconductor and semiconductor equipment companies, four technology hardware, storage and peripherals companies, seven electronics, equipment and components companies, four IT services companies, Three telecommunications equipment companies reported earnings this year. quarter.
Of the S&P 500 IT companies that have reported results so far this quarter, 14% missed EPS, and 86% reported beats. When it comes to revenue, 36% of companies missed expectations, while 64% of companies beat sales.
Notable IT companies scheduled to report earnings next week include Palantir Technologies (PLTR), Arm Holdings (ARM), and Unity Software (U).
