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Technology stocks were extending their losses Thursday afternoon, with the SPDR Technology Select Sector ETF (XLK) falling 2.0% while the Philadelphia Semiconductor Index was sinking 0.9%.
In company news, MKS Instruments (MKSI) dropped more than 11% after the process-control equipment firm projected non-GAAP Q4 net income and revenue trailing analyst estimates for the three months ending Dec. 31. Excluding one-time items, the company is expecting EPS between $1.07 and $1.61 per share on Q4 revenue in a range of $950 million to $1.05 billion. Analysts are looking for adjusted Q4 net income of $2.19 per share on $1.13 billion in revenue, according to Capital IQ polling.
Qualcomm (QCOM) fell 6.6% after the mobile-phones chipmaker overnight missed Wall Street expectations with its fiscal Q4 earnings and it also guided its Q1 results well under analyst estimates. Looking forward, the company is projecting Q1 EPS in a range of $2.25 to $2.45 between $9.2 billion to $10 billion in revenue compared with the Capital IQ consensus for EPS of $3.43 and $12.05 billion in revenue.
Confluent (CFLT) climbed 8.8% after the data-streaming company reported a normalized Q3 net loss of $0.13 per share, improving on a $0.17 per share adjusted loss during the same quarter last year and topping the Capital IQ consensus looking for a $0.17 per share loss, excluding one-time items. Revenue increased 48% year-over-year, rising to $152 million during the three months ended Sept. 30 and also beating the $145.4 million Street view.
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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