Technology stocks were helping lead Thursday’s market rally, with the SPDR Technology Select Sector ETF (XLK) rising 6.6% and the Philadelphia Semiconductor Index pushing out to an 8.2% gain this afternoon.
In company news, RingCentral (RNG) climbed more than 29% after late Wednesday reporting higher Q3 results compared with year-ago levels that beat Wall Street expectations and the cloud communications company also boosted its forecast for adjusted FY22 profit to a new range of $1.97 to $1.98 per share. Analysts polled by Capital IQ, on average, are expecting RingCentral to earn $1.93 per share this year, excluding one-time items.
Unity Software (U) rose almost 26% after the 3-D software firm reported a smaller non-GAAP Q3 net loss than analysts were expecting along with above-consensus revenue for the September quarter and also guided revenue for the current quarter exceeding Wall Street estimates. Unity now sees Q4 revenue in a range of $425 million to $445 million compared with the Capital IQ consensus looking for $325.8 million in revenue for the three months ending Dec. 31.
Wix.com (WIX) gained nearly 20% after paring its adjusted Q3 net loss compared with year-ago levels amid an 8% year-over-year increase in revenue and exceeding analyst estimates. Excluding one-time items, the net loss for the three months ended Sept. 30 narrowed to $0.06 per share on $345.8 million in revenue compared with the Capital IQ consensus looking for a $0.10 per share adjusted loss on $343.5 million in Q3 revenue.
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