Technology stocks added to their two-day gains Friday afternoon, with the SPDR Technology Select Sector ETF (XLK) rising 1.8% while the Philadelphia Semiconductor Index was climbing 3.0%.
In company news, 36Kr Holdings (KRKR) jumped 5% on Friday after the Chinese online media publisher said it was partnering with the FutureCar automotive media platform in a bid to boost its North American presence as well as bolster its coverage of the new energy vehicle sector and other advanced automotive technologies.
Matterport (MTTR) shares were more than 24% higher after the spatial-data analytics company reported a non-GAAP Q3 net loss of $0.09 per share, expanding on its $0.06 per share adjusted loss during the same quarter last year and beating the Capital IQ consensus looking for a $0.14 per share loss. Revenue increased to $38 million from $27.7 million a year ago, also exceeding the $36 million Street view. Matterport is projecting a smaller Q4 net loss than forecast and above-consensus revenue for the current quarter ending Dec. 31.
Navitas Semiconductor (NVTS) shares added 11% after Friday announcing a new partnership with fellow chipmaker Avnet (AVT) to expand the market in Europe for Navitas’ GaNFast gallium nitride power integrated circuits. Avnet shares were 2.1% higher Friday afternoon.
SoundHound AI (SOUN) shares closed 4.2% lower, giving back an early 39% spike, after the voice artificial intelligence company reported a smaller-than-expected Q3 net loss while revenue nearly tripled over year-ago levels, rising 178% to $11.2 million, beating the three-analyst mean looking for $10.4 million. The company, which is trimming about 10% of its workforce, also said it will unveil a new human-computer interactions technology on Nov. 17 it believes will “redefine conversational AI.”
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