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Technology stocks were posting large gains on Friday, with the Technology Select Sector SPDR Fund (XLK) and the Philadelphia Semiconductor Index both rising 2.0% this afternoon.
In company news, Alphabet (GOOG, GOOGL) added 4.7% after the technology conglomerate disclosed plans to cut around 12,000 jobs, with CEO Sundar Pichai reportedly telling employees the 6% reduction was necessary because the larger workforce was hired “for a different economic reality than the one we face today.”
Ericsson (ERIC) shares declined 4.4% after the handset manufacturer reported Q4 net income of 1.82 Swedish kronor ($0.12) per share, down from 3.02 kronor per share during the year-ago period and missing the Capital IQ consensus expecting Ericsson to earn 1.98 kronor per share during the three months ended Dec. 31. The also warned customers likely will “sweat assets” in response to near-term macroeconomic headwinds and adjust inventories as the recent supply-chain difficulties are resolved.
FARO Technologies (FARO) plunged over 23% after the software firm priced a $60 million private placement of 5.5% senior convertible notes due 2028. The notes have an initial conversion price of $42.36 per share, or 23.6072 shares for each $1,000 in principal amount of the notes.
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