Technology stocks added to earlier gains late Thursday, with the Technology Select Sector SPDR Fund (XLK) rising 2.7% while the Philadelphia Semiconductor Index was advancing 4%.
In company news, LivePerson (LPSN) fell almost 58% after the e-commerce software firm reported a wider-than-expected Q4 loss amid a decline in revenue during the three months ended Dec. 31. The company also issued downbeat revenue outlooks for the current quarter and 2023.
Virgin Orbit Holdings (VORB) dropped nearly 30% Thursday, staying within a few pennies of a new all-time low of $0.64 a share, after beginning a company-wide operational pause running through March 21 while the launch-services firm explores potential funding sources.
Among advancers, Adobe Systems (ADBE) gained 5.9% after the imaging software firm reported non-GAAP Q1 net income and revenue exceeding prior-year comparisons and topping Wall Street expectations for the three months ended March 3. It also raised its fiscal 2024 earnings forecast above analyst estimates.
EverCommerce (EVCM) rose 20% after its Q4 revenue advanced to $161.8 million from $135.6 million in the prior-year period and beat the consensus on Capital IQ for $158.2 million for the three months ended Dec. 31.
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