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Technology Shares Climb as Investors Embrace More Risk -- Tech Roundup

05/27/2022 | 05:39pm EDT

Shares of technology companies climbed as riskier bets took off.

Dell Technologies shares soared after the computer-maker posted strong results for its fiscal first quarter, driven primarily by better-than-expected demand for enterprise computing hardware and continued healthy sales of business PCs.

Microsoft said it would be slowing down some of its hiring, making it the latest tech giant to become more cautious about adding staff. The move is in response to growing economic uncertainties as the company approaches the end of its financial year that goes through June, a company spokesman said.

Smartphone demand in China is rapidly cooling as the pandemic's resurgence dents consumer spending, prompting warnings in recent weeks from handset makers including Apple as well as chip makers about the world's biggest smartphone market.

Smartphone shipments in China fell 34% in April from a year ago to 17.7 million units, data from the China Academy of Information and Communications Technology showed this week.

The average fare for Uber and Lyft rides hit a record high in the U.S. last month, according to market-research firm YipitData, with increases driven by a year-long labor shortage and high gas prices. Average fares were more than 35% above where they were before Covid-19, YipitData said.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

05-27-22 1738ET

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