These struggling tech stocks are not as flashy as they once were.
These companies continue to let down under delivering, overpromising in tech sector.
Palo Alto Networks PANW
The cybersecurity firms earning continue to disappoint.
Intel INTC
The company pivot to become microchip foundry is not going as planned.
Roblox RBLX
The online video game platform growth is stalling.
The main reason tech stocks are in red while rest of market is in green is that companies behind securities have failed to deliver on promises they made.
Results have missed targets forward guidance has been lowered and new products have not materialized when expected.
To avoid falling victim to tech stocks, investors should take good look at each companies on list.
Company heading in future can prevent costly investment mistakes in high volatile market segment.
Roblox RBLX
The company behind popular online video game platform posted a Q1 loss of 43 cents which beat a loss of 53 cents expected on Wall Street.
Revenue totaled $923.8 million up 19% from year earlier and analyst estimates of $919 million.
Roblox said it expect revenue of $870 million to $900 million in second quarter analyst call for $929 million.
Roblox management team said they planned to deliver 20% revenue growth over next few years. Those growth projection now seem in doubt.
Palo Alton Networks PANW
The company share price just down 8% after it again reported quarterly billing that missed Wall Street targets.
Palo Alto Networks billings for year first three months came in at $2.33 billion.
PANW stock is up 7.5% on year trading 18% below its 52 week high and trailing rival firms.
Corporate America is spending less on cybersecurity as firms struggle with inflation and uncertain economic outlokk Palo Alto executives.
The company expects billing of $10.13 billion to $10.18 billion.
The guidance is lower than previous range of $10.1 billion to #10.2 billion
The latest print was not as worse as previous one PANW stock it was not comeback investors wanted.
Intel INTC
Intel opened up a new AI microchip called the Gaudi 3 that company say can be used to train and deploy big AI models and chatbots in launching the Gaudi 3 chip.
Intel add it is over twice as power efficient and one and half time rapid than Nvidia competing H!00 microchip.
Intel will be able to deliver with new chip investor are doubtful.
The company delivered lates in series of quarterly financial reports its share price down 8% as result.
Intel continues to struggle as it pivots to becoming a microchip foundry and designer of chips and semiconductors.
INTC stock is down 35% and one of worst securities listed on benchmark S&P 500 index.
It is one of top overhyped tech stocks right now.