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.
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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%) |
