Tech Stock Updates

Stock futures were rising Friday, a day after the S&P 500 and Nasdaq Composite closed at record highs following in-line U.S. inflation data. It was the tech-heavy Nasdaq’s first all-time high since 2021.

Dell Technologies Soars

Dell Technologies posted better-than-expected fourth-quarter adjusted earnings and revenue as the maker of personal computers continues to see robust demand for artificial-intelligence servers. The company said its backlog of AI servers has now reached $2.9 billion, compared with $1.6 billion last quarter. Dell has shipped $1.5 billion of AI servers over the last two quarters, and said it has a pipeline of interest in AI servers that is “multiples” of the current backlog. Dell also said it was increasing its annual cash dividend 20% to $1.78 a share. Shares surged 22%.

New York Community Bancorp Struggles

New York Community Bancorp plunged 26% after disclosing that fourth-quarter earnings would take a hit of $2.4 billion from a goodwill impairment charge, and that it had identified “material weaknesses” in its loan review process. The weaknesses, the bank said, resulted from ineffective oversight, risk assessment, and monitoring activities. The regional lender also announced CEO Thomas Cangemi would be stepping down after 27 years with the bank.

Autodesk Surpasses Expectations

Autodesk posted fourth-quarter adjusted earnings of $2.09 a share, better than Wall Street estimates, and revenue of $1.47 billion that also beat forecasts. The stock was rising 9.2%. Autodesk said it expects fiscal 2025 sales of $5.99 billion to $6.09 billion, higher than Wall Street forecasts of $5.96 billion. CEO Andrew Anagnost, in an interview with _, highlighted opportunities the design software company has with generative artificial intelligence.

Zscaler's Strong Performance

Cybersecurity company Zscaler reported fiscal second-quarter adjusted profit that beat analysts’ estimates as revenue rose to $525 million from $388 million a year earlier. Zscaler expects third-quarter adjusted earnings of 64 cents to 65 cents a share on revenue of $536 million. Analysts had been calling for third-quarter earnings of 58 cents a share on revenue of $532 million. Zscaler shares, however, were falling 6.6% in premarket trading.

Hewlett Packard Enterprise Revenue Guidance Misses Estimates

Hewlett Packard Enterprise issued revenue guidance for its fiscal second quarter that missed analysts' estimates, citing "market headwinds" in the networking business. CEO Antonio Neri mentioned softness in networking business towards end of first quarter. HPE stock declined 3.6%.

NetApp Soars After Issuing Strong 2024 Guidance

NetApp shares surged 16% after announcing robust guidance for 2024. The data storage company expects adjusted profit for the year to be between $6.40 and $6.50 a share, up from previous estimates of $6.05 to $6.25.

SoundHound AI Narrows Losses in Q4, Stock Drops

SoundHound AI, an artificial-intelligence voice technology firm, reported decreased losses in the fourth quarter despite an 80% sales increase. CEO Keyvan Mohajer noted a collaboration with a prominent AI chip company, potentially Nvidia, but Q4 sales of $17.1 million fell short of estimates. The company had forecast profitability based on adjusted Ebitda, but instead lost $3.7 million.

Elastic Beats Wall Street Estimates with Q3 Earnings

Elastic, an enterprise data software company, exceeded Wall Street estimates with fiscal third-quarter adjusted earnings and sales. It anticipates fourth-quarter sales to range between $328 million and $330 million, compared to expectations of $327 million. However, shares declined by 11%.

Fisker Reports Weak Q4 Sales, Issues "Going Concern" Warning

Electric-vehicle start-up Fisker reported lower-than-expected fourth-quarter sales and raised concerns about its financial stability. With projected expenses totaling $320 million to $390 million in the current year, the company may require additional funds to sustain operations. Fisker is in talks with a major automaker for possible collaboration and investment. It also plans to downsize its workforce by approximately 15%. The stock plummeted by 35% to 47 cents.

Upcoming Earnings Reports for Plug Power and FuboTV

Plug Power and FuboTV are set to release their earnings on Friday.