Technology stocks were advancing on Friday, with the Technology Select Sector SPDR Fund (XLK) rising 1.7% while the Philadelphia Semiconductor Index was gaining 0.8% in afternoon trading.
In company news, C3.ai (AI) shares raced to a 30% advance after the enterprise artificial-intelligence software firm reported fiscal Q3 results beating analyst estimates and also forecast Q4 revenue above Wall Street expectations.
Samsara (IOT) shares rose more than 12% after more than halving its adjusted net loss for its Q4 ended Jan. 28 as total revenue grew to $186.6 million from $125.8 million in the year-ago period, topping Wall Street expectations on both its top and bottom lines. The connected-cloud software firm also forecast a smaller net loss and revenue for its fiscal 2024 exceeding analyst estimates.
Elastic (ESTC) stock added 7.3% after the search technology company reported a non-GAAP Q3 profit of $0.17 per share, reversing a year-ago net loss and blowing past the analyst consensus looking for non-GAAP net income of $0.05 per share for the three months ended Jan. 31. It also saw revenue increase year-over-year and raised its forecast for fiscal 2023 earnings above Wall Street views.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Image and article originally from www.nasdaq.com. Read the original article here.