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Sector Update: Tech Stocks Pares Losses but Unable to Fully Close Gap

MT Newswires ·  {{timeTz}}

03:59 PM EDT, 09/08/2022 (MT Newswires) -- Technology stocks were edging lower on Thursday, with the SPDR Technology Select Sector ETF (XLK) falling 0.2% and the Philadelphia Semiconductor Index gaining 0.9% this afternoon.

In company news, ShiftPixy (PIXY) rose 160% after the staffing software firm Thursday said it spun off its ShiftPixy Labs unit into a stand-alone company and list the virtual brands development company on the Nasdaq and Upstream stock exchanges following an initial public offering next month.

Asana (ASAN) climbed over 24% after reporting a nearly 51% increase in fiscal Q2 revenue, rising to $134.9 million and beating the Capital IQ consensus for the three months ended July 31 by $7.6 million. The workplace-management software firm also reported a smaller-than-expected Q2 net loss and it guided revenue for the current quarter and FY23 above analyst estimates.

Among decliners, Grid Dynamics Holdings (GDYN) fell 3.8% after the digital services company priced a $100 million public offering of more than 5.7 million common shares at $17.50 each, or 11.6% under Wednesday's closing price.

Bilibili (BILI) slid more than 15% on Thursday after the Chinese video-sharing website reported a non-GAAP Q2 net loss of 4.98 renminbi ($0.74) per American depositary share compared with a loss of 3.44 renminbi a year ago and missing the Capital IQ consensus expecting a 4.80 renminbi per ADS loss. The company also is projecting Q3 revenue in a range of 5.6 billion renminbi to 5.8 billion renminbi, trailing the 5.92 billion renminbi Street view.

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