Uber is one of the app-based firms reporting earnings this week.
Alastair Pike /AFP via Getty Images
Big tech earnings season was a bit of a wash, but a host of other key technology firms will look to turn things around in the coming days.
The Nasdaq Composite last week capped off its worst month since October 2008, as results from Apple (ticker: AAPL), Amazon.com (AMZN), Alphabet (GOOGL), Microsoft (MSFT), and Meta Platforms (FB) ranged from decent to disastrous for shares. Meta
was an exception, though its post-earnings bounce looked more like a relief rally than a burst of optimism. Still, Wedbush analyst Dan Ives told Barron’s that Microsoft ’s
better-than-expected results could also portend some good news ahead for enterprise-focused firms. That’d be a much-needed reprieve after a scary few weeks for tech stocks.
The highlight of this week may well be Advanced Micro Devices (AMD), which will give investors a better look at how the firm is navigating global semiconductor shortages when it reports results after the market closes on Tuesday.
“The Street needs to see signs of strength and we believe cloud, software, cyber security, and semis are the pillars of strength for tech going forward during this Category 5 storm,” Ives added.
There will be plenty of opportunities. AMD will be joined by app-based firms Airbnb (ABNB) and Lyft (LYFT), as well as Match Group (MTCH) on Tuesday. On Wednesday, Etsy (ETSY), Uber Technologies (UBER), Fastly (FSLY), Kyndryl Holdings (KD), and Qorvo (QRVO) report results. Datadog (DDOG), Shopify (SHOP), Wayfair (W), DoorDash (DASH), Block (SQ), and Virgin Galactic (SPCE) close out the bulk of this week’s tech earnings on Thursday.
Of course, Wednesday’s interest rate decision from the Federal Open Market Committee may be just as important for tech stocks as earnings. Tightening monetary policy and rising interest rates have weighed on the Nasdaq Composite, so investors should buckle in for a bumpy ride for tech stocks this week.
Write to Connor Smith at [email protected]
