Stocks fell sharply on Thursday, with major indexes heading for their worst day since June. Investors rotated out of tech stocks following healthy gains in August. Here are some of the top tech movers for Sept. 3.
Shares of Zuora (ZUO) - Get Report plummeted 32% to $10.98 on Thursday after it topped estimates for second-quarter earnings and revenue, but issued soft guidance for the current quarter. The company projected revenue of $73 million to $75 million for the third quarter, below analysts' forecasts of $75.5 million for the period.
Shares of PagerDuty (PD) - Get Report dropped 27% to $25.56 after its latest earnings release. For the second quarter, PagerDuty, which sells incident response software for IT departments, reported revenue and a loss in line with expectations but an outlook short of estimates. Total sales were $50.7 million, up 26% from a year ago, and in range of its prior guidance of between $50 million and $51 million. Its non-GAAP loss was 4 cents a share, ahead of the guidance range of a loss of 6 to 7 cents a share.
Shares of DocuSign (DOCU) - Get Report fell 14% to $230.25 ahead of its second-quarter earnings report. For the quarter ended in July, analysts are expecting non-GAAP earnings of 8 cents a share on revenue of $319 million.
Shares of Crowdstrike (CRWD) - Get Report fell 6.5% to $132.84 on Thursday despite strong second-quarter results. The cybersecurity firm topped estimates on the top and bottom line, reporting 84% growth in sales to $199 million and a profit of 3 cents per share on an adjusted basis. Its stock had surged more than 25% in the prior two trading sessions.
Shares of high-flying Nvidia (NVDA) - Get Report fell 8.9% to $522.74 on Thursday. Nvidia is among the top performing chip stocks this year, gaining 117% year to date even accounting for Thursday's loss. On Wednesday, several analysts boosted their price targets for Nvidia following the unveiling of its next-gen gaming GPUs.