Industry update: Tech stocks tumble after Apple warns of ongoing supply chain issues
Tech stocks fell sharply on Friday, including a 2.1% drop for Apple (AAPL) after the iPhone vendor warned overnight that ongoing supply chain issues could hurt its performance future. At last look, the SPDR Technology Select Sector ETF (XLK) was down 2.2% and the Philadelphia Semiconductor Index was down 2.5% this afternoon.
In corporate news, VeriSign (VRSN) fell more than 13% after the internet domain registrar reported first-quarter net earnings of $1.43 per share on Thursday evening, improving a profit of $1.33 per share in the same quarter last year, but still lagging the average of the two analysts. estimate of $0.02 per share.
National Instruments (NATI) was down nearly 12%, earlier dropping nearly 15% to an 18-month low, after reporting Q1 results below consensus and also projecting non-conforming earnings and revenue to GAAP for the current second quarter ending June, following Wall Street guidance. . Excluding one-time items, the software development company earned $0.41 per share on $385.3 million in revenue in the three months ended March 31, while the average analyst expects 0.43 $ per share and $402.7 million, respectively.
GTY Technology Holdings (GTYH) more than doubled in price on Friday, rising more than 116% in afternoon trading, after the software-as-a-service company accepted a takeover offer from equity investors -GI Partners investment. Under the terms of the proposed transaction, which is expected to close later this summer, GTY investors will receive $6.30 in cash for each of their shares, representing a 123% premium to Thursday’s closing price. .