Tech Little Changed Amid Mixed Earnings Fortunes - Tech Roundup

Shares of technology companies rose, but not by as much as the broad market, amid mixed earnings fortunes.

Intel shares were more or less flat after the semiconductor giant said its revenue for the current quarter would be lower than previously expected amid new restrictions on sales by chip makers to China's Huawei Technologies.

Intel shares are deep in the red for the year to date, as it struggles to keep up with demand for artificial-intelligence enabling chips.

Shares of online vacation-rental platform Airbnb slid after it forecast second-quarter sales that short of Wall Street's expectations, while predicting that demand will likely pick up in July, with the Summer Olympics in France.

"I would say earnings season so far has been actually fairly good," said JJ Kinahan, chief executive of IG North America and president of its brokerage tastytrade.

Expectations in the tech sector were high, however: "If you beat by a lot you got rewarded, but just beating wasn't good enough," said Kinahan. "If you made a statement that was not positive about forward prospects, that also paid the price."

Shares of Roblox plunged after the videogame platform released earnings that included a dialed-back financial forecast.

Nvidia shares slipped as traders doubted the sustainability of a recent surge in artificial-intelligence stocks.

An Apple advertisement that depicts a patchwork of creative tools being crushed and revealing a new iPad in their place is facing broad criticism on social media, as the iPhone maker seeks to recapture its reputation for zeitgeist and creative flair.

Maplebear - the grocery-delivery platform better known as Instacart - said its chief financial officer had resigned, effective immediately, and appointed a veteran of Uber Technologies in his place.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

May 09, 2024 17:33 ET (21:33 GMT)

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