Technology stocks

Industry update: Tech stocks tumbled in Tuesday’s market decline

Tech stocks were down on Tuesday, with the SPDR Technology Select Sector ETF (XLK) dropping 3.8% while the Philadelphia semiconductor index slipped 4.6% this afternoon.

In company news, Braze (BRZE) fell more than 18% after forecasting a bigger third-quarter fiscal loss than Wall Street expected. Excluding one-time items, the customer engagement software company forecast a net loss of $0.22 to $0.23 per share compared to Capital IQ’s consensus call which was looking for a loss of $0.20 per share.

Unity Software (U) fell more than 11% after AppLovin (APP) withdrew its acquisition proposal late Monday and said it would not submit another bid for the games software company. Last month, Unity rejected an offer to buy back all of AppLovin’s shares after AppLovin insisted that Unity drop its plan to acquire mobile advertising company ironSource (IS) as a condition of the deal. OK. Shares of AppLovin fell 5.4% this afternoon while IronSource fell 4%.

Twitter (TWTR) rose 1.4% after Bloomberg reported that a preliminary shareholder vote tally indicated they would approve Elon Musk’s $44 billion takeover bid for the company. social media.

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