Updated from 1:26 p.m. EDT with new stock prices
Tech stocks were sliding Friday, as solid quarterly results from
failed to rally the sector.
The Internet search giant's shares gained just 0.80% after it
handily beat Wall Street's estimates. The company earned $3.91 a share on a pro forma basis, vs. Wall Street's expectation of $3.78 a share. It posted net revenue of $3.01 billion, compared to analysts' expectation of $2.94 billion. Shares gained $5.09 to $644.71.
shares, however, were shedding 15.11%, after the flash memory provider posted a
smaller third-quarter profit because of an acquisition. The company said net income fell to $84.6 million, or 36 cents a share, from $103 million, or 51 cents a share, a year earlier. Excluding items, the company earned 54 cents a share, which handily beat analysts' average estimate of 32 cents.
Revenue also beat estimates, rising 38% to $1 billion. Shares, however, were falling $7.60 to $42.71.
Google and SanDisk are components of the Nasdaq 100, which was plummeting 56.44 points to 2,131.08.
Advanced Micro Devices
also were falling, despite beating the Street's quarterly forecasts.
Advanced Micro was shedding 5.15%, after
swinging to a $396 million third-quarter loss, or 71 cents a share. Those results, however, include $120 million, or 22 cents a share in charges. Excluding those, the stock beat analysts' estimates of a loss of 62 cents a share. Advanced Micro was still lower by 75 cents to $13.80.
Cree reported fiscal first-quarter profits of $12.7 million, or 15 cents a share, vs. $13.3 million, or 17 cents a share in the year-ago period. Excluding items, Cree said it earned 10 cents a share, which beat analysts' forecast of 8 cents a share. Still, shares were sliding 93 cents, or 3.36%, to $26.71.
Chinese solar cell component maker
was falling 13.92%, after the
Wall Street Journal
reported on Friday that a recording of a conference call in September showed several officials expressed concerns about the quality of the company's inventory of silicon feedstock. A former employee has accused the company of overstating its inventory of usable silicon, which the company has denied. Shares were sinking $5.78 to $35.73.
On the positive side,
soared 18.35% after the business software maker beat third-quarter expectations. Excluding items, the company reported income of $3.5 million, or 9 cents a share, vs. $2.2 million, or 6 cents a share in the year ago period. The company's revenue grew 53% to $26.5 million.
expected earnings of 6 cents a share on revenue of $23.8 million. Needham upgraded the stock to buy from hold. Shares were gaining $2.31 to $14.90.
Another business software maker,
, saw shares jump 6.22% after beating third-quarter forecasts. Excluding items, the company posted earnings of $18.8 million, or 19 cents a share, vs. $14.8 million, or 16 cents a share in the year-ago period. The results beat estimates by 2 cents. Shares were gaining 98 cents to $16.74.