There has been a couple of results in the tech sector on Monday that have received very different responses from investors on Monday.
The two ASX tech shares listed below are making big moves in opposite directions following the release of their respective results. Here's what they reported and how investors have responded:
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Iress Ltd (ASX: IRE)
The Iress share price is down 3% after the financial technology company's full year results disappointed the market.
Iress reported a 3.7% increase in revenue to $617.9 million, but a 0.7% decline in segment profit to $165.1 million and a 28.6% decline in reported net profit after tax to $52.7 million. This was at the low end of the company's guidance range.
Looking ahead, management has stated that it expects FY 2023 segment profit "to be at or above the levels of 2022." However, the company also intends to provide a full update on its medium term guidance at its investor day in April. Investors appear to be concerned that this could mean that management retracts its 2025 targets.
Symbio Holdings Ltd (ASX: SYM)
The Symbio share price is up 4% to $1.90. This morning, this voice communications software provider reported a 5% increase in half year recurring revenue to $57.2 million.
And while the ASX tech share posted a 33% decline in EBITDA to $11.6 million, it has reiterated its full year EBITDA guidance of $26 million to $30 million. Management also revealed that it then expects to return to EBITDA growth in FY 2024.
Looking further ahead, the company remains "confident that the global megatrends of enterprise cloud adoption and new ways of working, including hybrid working, will prevail through the current period of uncertainty."
