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Technology Sector Update for 04/29/2020: LSCC,SPOT,AKAM,GOOG,GOOGL

Technology stocks were sharply higher in Wednesday trading, supported by outsized gains of around 9% for Alphabet (GOOG,GOOGL) after the internet conglomerate late Tuesday reported above-consensus Q1 revenue. At last look, the SPDR Technology Select Sector ETF was advancing 3.9% while the Philadelphia Semiconductor Index also was rising 4.4%.

In company news, Lattice Semiconductor (LSCC) raced nearly 16% higher after the programmable chipmaker late Tuesday reported non-GAAP net income of $0.15 per share for its fiscal Q1 ended March 28, improving on an $0.11 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus by $0.01 per share.

Spotify Technology (SPOT) climbed more than 11% after the audio-streaming company reported a Q1 net loss of EUR0.20 per share, narrowing its EUR0.79 per share loss during the year-ago period and easily beating the Capital IQ consensus looking for an EUR0.45 per share loss for the three months ended March 31.

Akamai Technologies (AKAM) was falling 4% Wednesday afternoon. The cloud-services company late Tuesday reported non-GAAP Q1 net income of $1.20 per share, up from $1.10 per share during the same quarter last year while revenue grew year-over-year to $764 million from $707 million. Analysts, on average, had been looking for Akamai to earn $1.16 per share, excluding one-time items, on $749.8 million in revenue.

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

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