This week, the focus was on information technology stocks as companies like Apple, Super Micro Computer, Advanced Micro Devices, and Qualcomm released their quarterly results. Despite a decline of nearly 6% in the information technology sector compared to the broader market downturn of over 3%, 19 out of the 21 companies that reported earnings 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, the largest in the U.S. to date. Super Micro Computer’s stocks took a hit after a mixed third-quarter earnings report, with revenue tripling from a year ago but missing market expectations. Chipmaker AMD reported results and guidance that were largely in-line with expectations.
So 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. The majority of information technology companies that have reported so far have beaten earnings estimates while revenue estimates have also been mostly exceeded.
In the upcoming week, notable information technology companies scheduled to report results include Palantir Technologies, Arm Holdings
