Tech Sector Updates for Alibaba, Universal Display, and Gogo

Alibaba

May 7, 2018//-Technology stocks rebounded Friday, with shares of tech companies in the S&P 500 adding over 1.8% in value today while the Philadelphia semiconductor index was posting a more than 2.2% gain.

Among technology stocks moving on news, Alibaba Group BABA $195.23000  3.35000%  built a more than 3% gain on Friday after the Chinese online retailer saw its fiscal Q4 revenue turn in a 61% year-over-year increase to $9.9 billion, topping the Capital IQ consensus by $500 million. Excluding one-time items, it earned $0.91 per share during the January-to-March period, also exceeding the Street view by $0.03 per share.

In related news, recently, Alibaba Cloud, the cloud computing arm of Alibaba Group, has won the 2018 MySQL Community Awards: Corporate Contributor, which recognizes its contribution to the MySQL ecosystem, the world’s most popular open source database.

The award recognized Alibaba Cloud’s contributions to the open source communities and its efforts to empower developers around the world in recent years. Today, more than one hundred thousand MySQL instances are running on ApsaraDB for RDS, Alibaba Cloud’s relational database services.

This is the second time Alibaba (NYSE:BABA) has received the coveted award from the MySQL community.

Universal Display’s OLED $95.23000  -6.82500%  climbed over 13% on Friday, topping out at $103.05 a share, after the organic light emitting diode technologies company reported Q1 net income of $0.13 per share during the three months ended March 31, down from $0.22 per share during the same quarter last year but still exceeding the Capital IQ consensus by $0.03 per share.

Revenue fell 22% year-over-year to $43.6 million, lagging the $51.85 million Street view. Investors Friday appear to be discounting Universal Display lowering its FY18 revenue forecast by $70 million compared with its prior outlook, now expecting between $280 million to $310 million in revenue this year.

Last month, Universal Display (NASDAQ:OLED) announced that it was awarded the Citation of Merit Certificate for achievement in the prevention of occupational injuries during calendar year 2017, as part of the 90th Annual Governor’s Occupational Safety and Health Awards Program of New Jersey. The Citation of Merit Certificate is awarded to a company, facility, or department for working throughout the calendar year without lost time from a work-related injury or illness.

“We are pleased to be recognized by the State of New Jersey for our initiatives in creating a safe, healthy and productive work environment,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation.

“Led by the Company’s commitment to its employees and community, this achievement also reflects the diligence and hard work of the UDC team for continuous improvement and implementation of our comprehensive occupational safety and health programs.”

Gogo GOGO $7.87000  -5.58200%  retreated Friday, dropping as much as 14% lower, despite the in-flight internet connection company reporting above-consensus Q1 financial results and projecting FY18 revenue straddling Wall Street expectations. The company posted a $0.34 per share net loss during the three months ended March 31, improving on a $0.52 per share net loss during the year-ago period and beating the Capital IQ consensus modelling a $0.53 per share Q1 loss.

Revenue rose to $231.8 million from $165.4 million last year and topping the Street view by $10.3 million. For the 12 months ending Dec. 31, the company is expecting FY18 revenue in a range of $$865 million to $935 million. Analysts, on average, are looking for $887.6 million in revenue.

Recently, Gogo (NASDAQ:GOGO) announced a series of leadership changes designed to strengthen its organizational structure and increase alignment with the Company’s objectives of driving quality for airlines and passengers and sharpening our operational focus.

“Gogo has a deep bench of talent and this realigns our leadership structure to accelerate our strategic priorities of driving quality for airlines and passengers and sharpening our operational focus,” said Oakleigh Thorne, Gogo’s president and CEO.

“These appointments will help Gogo fully capitalize on John and Sergio’s deep aviation experience while enhancing accountability with end-to-end responsibility for our two critical divisions. We are also confident that Jon’s new role will help maximize the value of inflight internet and help us realize our significant long-term growth and value creation opportunities.”

This article was originally published on chasingmarkets.com.

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