Tech stocks advanced late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) adding 2% and the Philadelphia Semiconductor Index gaining 2.1%.
In corporate news, Splunk (SPLK) said it will cut 7% of its global workforce, mostly in the US, as it forecasts macro uncertainty to persist for “the foreseeable future.” The stock fell 0.2%.
Paycom Software (PAYC) shares slumped 38%. The company said late Tuesday it expects 2023 revenue of $1.679 billion to $1.684 billion, compared with prior guidance of $1.715 billion to $1.717 billion. Analysts surveyed by Capital IQ expected $1.72 billion.
Advanced Micro Devices (AMD) shares gained 9.4% after the company’s non-GAAP earnings and net revenue topped estimates by analysts.
Extreme Networks (EXTR) issued fiscal Q2 non-GAAP earnings and revenue forecasts that trailed estimates by analysts. The stock tumbled 14%.
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