IPGP - Why IPG Photonics Rose 6% on a Down Week for Tech Stocks
Shares of IPG Photonics (NASDAQ: IPGP) rose as much as 9.4% on the week, before settling into a 6% weekly gain as of 2:46 p.m. ET Friday. That's especially impressive given the continued volatility in technology stocks this week.
IPG had a pretty rough start to the year, but delivered better-than-expected earnings on its first-quarter earnings report released Tuesday, May 3. With financial results coming in better than feared, it's no surprise shares found their footing in a tumultuous market.
In the first quarter, IPG grew revenue 7% to $370 million, with earnings per share growing 4% to $1.31. Both figures came out well ahead of expectations.
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Why IPG Photonics Rose 6% on a Down Week for Tech Stocks