Technology exchange traded funds will try to follow up on recent strength as Microsoft (NASDAQ:MSFT) anchors the tech earnings calendar this week.
Microsoft reports quarterly results after Thursday’s closing bell. The stock represents more than 7% of the tech ETF and is the fund’s third-largest holding.
Last week, Apple (AAPL) reported earnings of $6.40 per share on revenues of $24.67, which topped analyst projections of $5.36 per share on revenue of $23.34 billion and is an 83% increase in revenue year-over-year, reports Matt Phillips for The Wall Street Journal.
The company was backed by iPhone sales in the quarter, with 18.7 million of the smartphones sold, or a 113% unit growth year-over-year. Wall Street analysts had projected sales of 16.25 million.
Despite concerns over the cut in supply for high-tech parts coming out Japan, Apple maintained a gross margin of 41.4% as compared to 41.7% in the first quarter of last year.
Technology Select Sector SPDR
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Max Chen contributed to this article.