Industry update: Tech stocks tumble on Wednesday amid market selloff
Tech stocks were down on Wednesday, with the SPDR Technology Select Sector ETF (XLK) dropping 1.2% while the Philadelphia semiconductor index fell 2.7% this afternoon.
In company news, Smartsheet (SMAR) fell 6.6% after the enterprise software company forecast a bigger second-quarter net loss than analysts expected and also released guidance. earnings guidance for 2023. The company is now seeking a non-GAAP net loss of $0.67 to $0.59 per share for the year, improving its earlier outlook of expecting a loss of 0.70 $ to $0.62 per share.
Consensus Cloud Solutions (CCSI) fell more than 10% after the software-as-a-service company disclosed plans overnight for a secondary offering of 2 million shares held by its former parent company Ziff Davis ( ZD).
OMNIQ (OMQS) was down 1%, reversing a 5.4% morning advance that followed the announcement of an $11 million contract for the supply of Internet equipment, consumables and technical services to objects to the Israeli government over the next five years. Recurring revenue accounts for about half of the deal, the company said.