Tech Stocks ended the week with mild gains, primarily led by Salesforce.com, inc. (NYSE:CRM) and the videogame company, GameStop Corp. (NYSE:GME). Both the companies received excellent response from the investors after beating their second quarter expectations. Other primary companies contributing towards the upward industry momentum include Apple Inc. (NASDAQ:AAPL), Google Inc (NASDAQ:GOOGL), and Yahoo! Inc. (NASDAQ:YHOO).
Salesforce.com, inc. (NYSE:CRM) picked up 7.34% and closed at $59.80 on Friday. The primary reason behind stock gains was its tremendous second quarter 2014 financial result. Salesforce.com, inc. (NYSE:CRM) reported revenue of $1.32 billion with a 38 percent YOY growth and an operating cash flow of $246 million.
GameStop Corp. (NYSE:GME) ended the market with an increase of 5.95% in its share price and the share closed at $42.90. The videogame company reported second quarter 2014 results on August 21, 2014 with net global sales of $1.73 billion and diluted earnings per share standing at $0.22 per share. One of the primary reasons behind the success of this quarter goes to the high demand of Microsoft Corporation’s (NASDAQ:MSFT) Xbox One and PlayStation 4 from Sony Corp (ADR) (NYSE:SNE).
Microsoft Corporation (NASDAQ:MSFT) reported revenue of $23.38 billion for June 30,2014 quarter with diluted earnings per share of $0.55. The company had an operating income of $6.48 billion for the quarter. Microsoft Corporation (NASDAQ:MSFT) partnered with Salesforce.com, inc. (NYSE:CRM) for better cloud software business growth. However, the company reported an increase in the production and marketing cost of its popular Xbox One.
Sony Corp (ADR) (NYSE:SNE) also ended the week with 0.16% increase in its share price. GameStop Corp. (NYSE:GME) claimed the increase in demand of PlayStation 4 from Sony Corp (ADR) (NYSE:SNE) as one of the primary reasons behind its better second quarter 2014 results. Sony Corp (ADR) (NYSE:SNE) reported EPS of $0.23 for the quarter ending on June 30,2014 with PlayStation 4 being a major reason for global increase in demand. The company sold 3.5 million PlayStations combining both PS3 and PS4.
This article has been written by Prakash Pandey.