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Tech Down as Cloud Computing Concerns Warn on Demand -- Tech Roundup

09/01/2022 | 04:29pm EST

Shares of technology companies fell after slowdown warnings from a range of companies.

Shares of subscription-based cloud software companies, a niche that was highly lucrative during the height of the pandemic, plunged.

Shares of Okta, MongoDB and Veeva Systems fell sharply, with a more than one-third loss for Okta. All three warned that sales deals were taking longer to close due to growing hesitancy among business customers rattled by economic slowdown concerns.

In one bright spot in the cloud niche, shares of Nutanix surged after it forecast fiscal 2023 revenue ahead of Wall Street targets. Semiconductor maker Semtech slid to a two-year low on Thursday after the company lowered its third-quarter earnings projection. Among other chipmakers, Nvidia fell by 8%.

The U.K.'s competition authority said Microsoft's planned acquisition of Activision Blizzard could harm their rivals and newcomers to the videogame industry, adding uncertainty to the $75 billion deal.

Erratic trading continued in some issues. Addentax shares fell by more than 90% a day after vaulting, appreciating many times over on its stock-market debut.

 Write to Rob Curran at rob.curran@dowjones.com 

(END) Dow Jones Newswires

09-01-22 1829ET

Stocks mentioned in the article
ChangeLast1st jan.
ACTIVISION BLIZZARD, INC. 0.76% 75.76 Delayed Quote.13.87%
MONGODB, INC. -1.09% 160.17 Delayed Quote.-69.74%
NUTANIX, INC. -0.03% 30.53 Delayed Quote.-4.17%
NVIDIA CORPORATION -1.51% 168.76 Delayed Quote.-42.62%
SEMTECH CORPORATION -1.54% 29.36 Delayed Quote.-66.99%
VEEVA SYSTEMS INC. -8.63% 174.9 Delayed Quote.-31.54%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD 0.06% 25.67 Delayed Quote.-50.47%
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