NEW YORK, September 7, 2018 /PRNewswire/ --
U.S. stocks closed lower on Thursday as they were affected by
the drop in technology stocks throughout the week. Facebook Inc.
and Twitter Inc. testified at Capitol Hill regarding online
misinformation, dragging down the S&P 500 and the Nasdaq
Composite, as they edged lower throughout the week. The S&P 500
closed at a low of 288.16, falling 0.3%. The Nasdaq Composite
closed lower as well, at 7,922.73 or 0.91% lower. The Dow Jones
gained throughout the week, rising from 25,820.00 to 25,998.27,
despite fear revolving around trade tensions between the U.S. and
China, as well as the U.S.'s trade
discussions with Canada. Palo Alto
Networks, Inc. (NYSE: PANW), GameStop Corp. (NYSE: GME),
Workday, Inc. (NASDAQ: WDAY), DocuSign (NASDAQ: DOCU), Cloudera,
Inc. (NYSE: CLDR)
"I don't see any specific catalyst pushing tech lower, and it's
pretty quiet from the perspective of news about these stocks, which
makes me think this is a classic sector rotation," said
Douglas DePietro, Managing Director
for Trading at Evercore ISI, in a MarketWatch report. "These groups
have been outperforming, and this could be an example of investors
taking profits, particularly since September is a historically
turbulent month and a lot of big banks and brokerage houses have
been encouraging their clients to lighten up on their tech
exposure."
Palo Alto Networks, Inc. (NYSE: PANW) reported Thursday
after market financial results for its fiscal fourth quarter and
fiscal year 2018, ended July 31st, 2018. The global
cybersecurity company reported revenue for the fiscal fourth
quarter 2018 grew 29 percent year over year to USD 658.1
Million, compared with total revenue of USD 509.1
Million for the fiscal fourth quarter 2017. GAAP net loss for
the fiscal fourth quarter 2018 was USD 2.3 Million,
or USD 0.02 per diluted share, compared with GAAP net
loss of USD 38.2 Million, or USD 0.42 per diluted
share, for the fiscal fourth quarter 2017. "We had a strong fourth
quarter, continuing our global momentum at a growth rate that
outpaces our peers and the cybersecurity market," said Nikesh
Arora, Chief Executive Officer of Palo Alto Networks. "Enterprises
are in the early stages of the cloud revolution. This poses new
security challenges for businesses worldwide. We are becoming the
strategic partner of choice to help businesses embrace the cloud
and protect their digital information by reducing complexity and
providing the same level of consistency, integration, and
automation that we brought to network security."
GameStop Corp. (NYSE: GME) reported Thursday
aftermarket sales and earnings for the second quarter ended
August 4th , 2018.
Consistent with the company's expectations, total global sales
decreased 2.4% to USD 1.65
Billion (decreased 2.9% in constant currency), resulting in a
consolidated comparable store sales decrease of 0.5% (2.4% increase
in the U.S. and 6.4% decrease internationally). New hardware sales
increased 20.1%, driven by the launch of the Xbox One X and
continued strong sales of the Nintendo Switch and PS4.
Rob Lloyd, Chief Operating Officer
and Chief Financial Officer, said, "Our second quarter results were
in line with our expectations and highlighted by solid growth in
new hardware, accessories and collectibles. As we enter the
back half of the year, we are focused on preparing our
organization, particularly our stores and associates, to deliver
the best customer experience in the video game industry to support
an exciting slate of titles launching this fall, starting tomorrow
and through the holiday season.
Workday, Inc. (NASDAQ: WDAY) announced results for the
fiscal 2019 second quarter ended July
31st, 2018 on Tuesday. Total revenue increased
27.9% to USD 671.6 Million from the
second quarter. Net loss per basic and diluted share was flat at
USD 0.40 when compared to previous
year. For the trailing twelve months, operating cash flows were
USD 512.4 Million and free cash flows
were USD 337.8 Million, representing
year over year growth of 36.1% and 36.5%, respectively. "Q2 was
another strong quarter. We once again increased the number of both
finance and HR customers in the Fortune 500 and made significant
progress on our acquisition of Adaptive Insights to further enable
customers to plan, execute, and analyze all in one system," said
Aneel Bhusri, Co-Founder and CEO,
Workday. "With our focused product strategy, continued investment
in opening our platform, and relentless commitment to customer
success, we continue to add levers that drive enduring growth and
our long-term position as the trusted partner for finance, HR, and
business transformation."
DocuSign (NASDAQ: DOCU) announced results for its fiscal
quarter ended July 31st,
2018 on Wednesday. Total revenue was USD
167.0 Million, an increase of 33% year-over-year. Net cash
provided by operating activities was USD
22.7 Million, compared to USD 12.1
Million in the same period last year. Cash, cash equivalents
and restricted cash was USD 819.2
Million at the end of the quarter. "We had a strong second
quarter, driven by 35% year-over-year growth in subscription
revenue. We added more than 25,000 customers, bringing our customer
base to almost 430,000 worldwide," said Dan
Springer, CEO of DocuSign. "And this week, we also closed
our previously-announced acquisition of SpringCM, which accelerates
our vision to modernize the world's Systems of Agreement-all the
way from preparing to signing, acting-on, and managing agreements.
With SpringCM, we have a broader set of products to sell,
additional technologies to commercialize and a team whose
experience complements ours almost perfectly."
Cloudera, Inc. (NYSE: CLDR) reported on Wednesday during
after-hours its results for its second quarter fiscal 2019, ended
July 31st, 2018. Total
revenue was USD 110.3 Million, an
increase of 23% as compared to the second quarter of fiscal 2018.
Cloudera shares rose by 23% after releasing its results. "In Q2 we
made substantial progress in our product and go-to-market
transitions, delivering strong financial results in the quarter and
accomplishing many of our goals for sustained success in our
market," said Tom Reilly, chief
executive officer. "We continue to innovate in highly
differentiating ways. With three new modern data warehouse
offerings, we are well-positioned to disrupt the legacy data
warehouse industry."
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