Technology Sector Update for 05/07/2020: FTNT,SQ,TWLO,SEDG

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Technology stocks were ending sharply higher on Thursday, with the SPDR Technology Select Sector ETF advancing 1.5% while the Philadelphia Semiconductor Index was rising 1.2%.
In company news, Fortinet (FTNT) streaked over 21% higher to a record high of $136.85 a share after the cybersecurity firm late Wednesday reported Q1 financial results topping Wall Street forecasts and also projected non-GAAP net income and revenue for the current quarter also exceeding analyst estimates. Excluding one-time items, it earned $0.60 per share on $576 million in revenue during the three months ended March 31, beating the Capital IQ consensus expecting an adjusted profit of $0.50 per share on $554.2 million in revenue.
Twilio (TWLO) rose 44% to a best-ever $176.37 a share after the cloud communications company reported better-than-expected Q1 earnings and revenue growth and issued upbeat guidance for the current quarter. The company is projecting a non-GAAP Q2 net loss in a range of $0.11 to $0.08 per share on between $365 million to $370 million in revenue compared with the Capital IQ consensus for a $0.14 adjusted loss on $323.4 million in revenue.
Square (SQ) climbed 10% after the point-of-sale software firm late Wednesday reported a nearly 44% year-over-year increase in Q1 revenue to $1.38 billion, topping the Capital IQ consensus for $1.30 billion.

SolarEdge Technologies (SEDG) dropped 13% after the photovoltaic components firm late Wednesday reported non-GAAP Q1 net income of $0.95, up from $0.64 per share during the same quarter last year but still missing the Capital IQ consensus for $1.24. The company sees Q2 revenue in a range of $305 million to $335 million, trailing the $343.2 million analyst mean.

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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