Tech shares led the ASX 200 market sectors last week with a 2.8% gain over the five trading days.
Meantime, the S&P/ASX 200 Index (ASX: XJO) lost 1.69% to finish the week at 7,727.6 points.
Only four of the 11 market sectors finished the week in the green.
Let's review.
Technology shares led the ASX sectors last week
The big news among ASX 200 tech stocks last week was the full-year FY24 results of Xero Limited (ASX: XRO).
The company reported a 22% year-over-year increase in operating revenue to NZ$1.71 billion and 419,000 new subscribers, which gives it a total subscriber base of 4.16 million.
Xero's gross margin moved up from 87.3% to 88.2%, and the company reported a net profit after tax (NPAT) of NZ$174.6 million, up from a loss of NZ$113.5 million in FY23.
Xero shares lifted 7.83% over the week to finish on Friday at $131.19 per share.
TechnologyOne Ltd (ASX: TNE) shares also had a great week, rising 12.11% to finish at $17.78 apiece on Friday.
TechnologyOne released its half-year results, revealing a 16% rise in profit after tax to $48 million. Investors will share in its success via a record interim dividend of 5.08 cents per share franked at 65%.
The biggest ASX tech stock Wisetech Global Ltd (ASX: WTC) moved 1.22% higher last week to close at $98.67 on Friday. Nextdc Ltd (ASX: NXT) shares lifted 0.69% to $17.59 apiece.
In global tech news, Nividia Corp revealed yet another jaw-dropping set of financial results last week, sending the share price above US$1,000 for the first time.
The artificial intelligence (AI) hardware manufacturer's 1Q FY25 earnings report revealed a 262% revenue increase to US$26 billion year over year, with expectations of US$28 billion next quarter. On an adjusted basis, earnings per share (EPS) went from $1.09 to $6.12, beating consensus analyst estimates of $5.59.
Nvidia also announced a 10-for-1 forward stock split. Shareholders on the record on 6 June will receive nine extra Nvidia shares for each one they already own after the market close on Friday, 7 June.
Nvidia's amazing results helped the NASDAQ reach a new all-time high of 16,996.39 points last week. The popular Betashares Nasdaq 100 ETF (ASX: NDQ) rode the momentum to reach a record $43.23 per share.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Information Technology (ASX: XIJ) | 2.8% |
| Utilities (ASX: XUJ) | 2.34% |
| Energy (ASX: XEJ) | 1.23% |
| Industrials (ASX: XNJ) | 0.91% |
| Financials (ASX: XFJ) | (0.85%) |
| Healthcare (ASX: XHJ) | (0.89%) |
| Consumer Staples (ASX: XSJ) | (1.27%) |
| Materials (ASX: XMJ) | (1.49%) |
| A-REIT (ASX: XPJ) | (2.47%) |
| Communication (ASX: XTJ) | (3.71%) |
| Consumer Discretionary (ASX: XDJ) | (4.34%) |
