Technology stocks were extending their gains to a second session on Friday, with the SPDR Technology Select Sector ETF (XLK) rising nearly 2% while the Philadelphia Semiconductor Index was climbing 2.1% this afternoon.
In company news, Matterport (MTTR) shares were more than 25% 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 call 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 analysts and above-consensus revenue for the current quarter ending Dec. 31.
Navitas Semiconductor (NVTS) shares added 10.2% 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 also were 2.1% higher this afternoon.
SoundHound AI (SOUN) shares were 2.3% lower in afternoon trading, 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, and also 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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