Technology Sector Update for 07/28/2022: PI,HAYW,FORM,QCOM

Technology stocks continued to advance on Thursday, with the SPDR Technology Select Sector ETF (XLK) rising 1.6% and the Philadelphia Semiconductor Index increasing 1.2% this afternoon.

In company news, Impinj (PI) rose more than 18% after the cloud connectivity platform company late Wednesday reported non-GAAP Q2 net income of $0.11 per share on $59.8 million in revenue, breezing past the Capital IQ consensus expecting a $0.01 per share net loss for the three months ended June 30. The company also is projecting adjusted Q3 earnings in a range of $0.15 to $0.20 per share on $63.5 million to $65.5 million in revenue compared with the analyst mean looking for a $0.05 per share adjusted profit on $58.7 million in revenue.

To the downside, Qualcomm (QCOM) declined 4.3% after the mobile chipmaker projected revenue for its fiscal Q4 ending Sept. 30 slightly shy of Wall Street expectations, forecasting between $11.0 billion to $11.8 billion in Q4 revenue compared with the Capital IQ consensus call looking for $11.86 billion.

FormFactor (FORM) dropped more than 14% after the semiconductor probe company forecast Q3 revenue in a range of $177 million to $189 million, trailing the Capital IQ consensus expecting $209.8 million in revenue for the current quarter ending Sept. 30.

Hayward Holdings (HAYW) slid 19% after the automated pool equipment company missed analyst estimates with its fiscal Q2 results, earning $0.29 per share during the three months ended July 2 on $399.4 million in revenue while analysts polled by Capital IQ, on average, had been expecting $0.31 per share and $416 million, respectively. The company also is now projecting a 2% to 6% decline in FY22 revenue compared with its prior guidance looking for a 9% to 12% year-over-year increase this year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.