In recent days, the technology sector has been a major focus for investors as several key players released their quarterly earnings. Among them were Apple, Super Micro Computer, Advanced Micro Devices, and Qualcomm, all of which reported solid results despite challenges in the broader market.
While the information technology industry has seen a decline of nearly 6% quarter-to-date compared to the broader market’s downturn of over 3%, many companies have still managed to beat expectations. Of the 21 companies that reported earnings this week, 19 beat earnings estimates while two missed. On the revenue side, 14 companies exceeded revenue estimates and seven fell short.
Apple’s shares rose after reporting better-than-expected second-quarter results, despite concerns about iPhone sales in China. The company also announced a share buyback of $110 billion, making it one of the largest in U.S. history so far. Super Micro Computer’s stocks took a hit after missing revenue expectations with their mixed third-quarter earnings report. Chipmaker AMD reported results and guidance that were largely in line with expectations.
Thus far this quarter, 42 out of 383 companies in the information technology sector have reported earnings. At the industry level, various subsectors like professional services, software firms, semiconductors, technology hardware and more have reported results. Most information technology companies that have reported so far have beaten earnings estimates while revenue estimates have also been mostly exceeded except for some subsectors like semiconductors where few companies missed estimates on both revenue and EPS fronts .
Looking ahead to next week’s reports from Palantir Technologies
