The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Last year was the worst for US stocks - where most tech firms are listed - since 2008 in the midst of the Great Recession, with the S&P 500 down nearly 20% for the year and the Dow down close to 9%.
The year was especially tough for tech stocks, which generally had one of their worst years ever. The tech-heavy NASDAQ ended 2022 down more than 33%.
It's no surprise, then, that among the 60 publicly traded IT vendor companies on our sister brand CRN's watch list, only seven recorded an increase in their share price in 2022. And several of those were due to acquisition deals that pushed up stock prices.
The trend in tech stock prices was otherwise down for the year amidst an uncertain economy, inflation, rising interest rates and lingering effects of the COVID-19 pandemic. Most companies on the watch list recorded hefty double-digit percent declines in their stock prices during the year, with 17 losing more than half of their value.
Here's a look at the biggest stock price winners and losers in 2022. We start with the seven winners, counting down to the IT vendor with the biggest stock price gain during the year. Then we list the 10 companies whose stock prices fell the most, concluding with the IT vendor with the biggest loss.
The rankings are based on the opening share prices on 3rd January 2022 and closing prices on 30th December 2022.
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The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Gainers No. 7: Hewlett Packard Enterprise
President and CEO: Antonio Neri
3rd January 2022 Open: $15.89
30th December 2022 Close: $15.96
Change: +0.44%
Fueled by demand for its GreenLake edge-to-cloud service platform, HPE reported revenue of $28.50 billion for its fiscal 2022 (ended 31st October), up 2.6% from $27.78 billion one year earlier. Net income for the fiscal year was $868 million, down from $3.43 billion in fiscal 2021.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
London-based startup Fogsphere uses standard 4K security cameras - the type that can be purchased for £70 - to monitor workplaces and create immediate alerts as soon as dangerous conditions are spotted.
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Threats and Risks
Nearly 7% of all internet traffic is malicious, says Cloudflare
Volume and scale of DDoS attacks ‘vast’
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UiPath to cut 10% of staff amid AI investment focus
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The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Gainers No. 6: IBM
CEO: Arvind Krishna
3rd January 2022 Open: $134.07
30th December 2022 Close: $140.89
Change: +5.09%
Last year marked IBM's first full year after the spinoff of its infrastructure services business as Kyndryl.
IBM acquisitions in 2022 included digital transformation specialist Octo, hybrid cloud consultant Dialexa, data observability provider Databand.ai, Azure consultancy Neudesic, and sustainability analytics company Envizi.
For the first nine months of 2022 (ended 30th September) IBM reported revenue of $43.84 billion, up nearly 8% from $40.66 billion in the same period of 2021. However, the company reported a loss of $1.07 billion for the nine months (due to a one-time, non-cash pension settlement charge of $5.9 billion) compared to income of $3.41 billion one year before.
IBM is scheduled to release its 2022 fourth quarter and full-year financial results on 25th January.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
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Nearly 7% of all internet traffic is malicious, says Cloudflare
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UiPath to cut 10% of staff amid AI investment focus
'Workforce reduction is aimed at further driving operational efficiency and customer centricity,' according to a UiPath
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Gainers No. 5: VMware
CEO: Raghu Raghuram
3rd January 2022 Open: $116.00
30th December 2022 Close: $122.76
Change: +5.83%
In May, virtualisation tech giant VMware struck a deal to be acquired by semiconductor and infrastructure software company Broadcom for $61 billion, based on VMware's 25th May closing price of $120.54.
Under the agreement VMware shareholders will receive either $142.50 in cash or 0.2520 shares of Broadcom common stock for each share of VMware stock. VMware's share price had been climbing for about a week prior to the announcement as reports of a pending deal circulated.
VMware's stock price in 2022 peaked at $131.99 on June 3 and then sunk to a low of $105.77 on Oct. 11 before breaking above $120 by year's end.
The deal has run into potential hurdles from US, UK and European regulators. But Broadcom and VMware have expressed confidence that they can complete the acquisition this year.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
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Threats and Risks
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UiPath to cut 10% of staff amid AI investment focus
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The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Gainers No. 4: Check Point Software Technologies
CEO: Gil Shwed
3rd January 2022 Open: $115.95
30th December 2022 Close: $126.16
Change: +8.81%
For the first nine months of 2022 security technology developer Check Point Software Technologies reported revenue of $1.69 billion, up nearly 8% from $1.57 billion in the same period of 2021. Net income for the nine months was $527.0 million, down more than 5% from $555.9 million one year before.
Check Point will announce its 2022 fourth quarter and full year results on 13th February.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
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The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Gainers No. 3: Citrix Systems
CEO: Tom Krause
3rd January 2022 Open: $94.60
30th December 2022 Close: $104.00
Change: +9.94%
On Jan. 31, confirming reports that had been circulating for weeks, Citrix Systems announced a deal to be acquired and taken private in a all-cash deal with Vista Equity Partners and Evergreen Coast Capital, the latter an affiliate of Elliott Management.
Under the agreement Citrix shareholders received $104 per share for their Citrix stock, putting the deal's price tag at $16.5 billion. The plan included combining Citrix with data integration and analysis software provider Tibco Software, which Vista Equity Partners had owned since 2014.
The acquisition was completed on 30th September and Citrix shares ceased trading that day.
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Threats and Risks
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Gainers No. 2: Extreme Networks
CEO: Edward Meyercord
3rd January 2022 Open: $15.56
30th December 2022 Close: $18.31
Change: +17.67%
For all of fiscal 2022 (ended 30th June) Extreme Networks reported revenue of $1.11 billion, up more than 10% from $1.01 billion in fiscal 2021. Net income surged to $44.3 million from $1.9 million one year before.
For the first quarter of fiscal 2023 (ended 30th September) the company reported revenue of $297.7 million, up 11% from $267.7 one year before.
Extreme Networks will report its FY 2023 second quarter results on 25th January.
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UiPath to cut 10% of staff amid AI investment focus
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Turbulent 2022 was a tough year for tech stocks
Gainers No. 1: Mandiant
CEO: Kevin Mandia
3rd January 2022 Open: $17.54
30th December 2022 Close: $23.00
Change: +31.13%
Cybersecurity services provider Mandiant was acquired by Google Cloud in a $5.4 billion all-cash deal announced 8th March, 2022.
The $23 per share acquisition price was a 57% premium to the 'undisturbed 10-day trailing volume weighted average price as of Feb. 7, 2022,' according to the companies, the last full trading day before published market speculation about the potential acquisition.
The per-share deal price was 31.13% above the 3rd January 2022 opening price for Mandiant's shares, making it the biggest gainer among all the companies on the CRN watch list.
The acquisition closed 12th September 2022, and trading of Mandiant shares ceased that day.
Google Cloud CEO Thomas Kurian said his company is using Mandiant to "reinvent" its security service offerings for its customers.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
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Threats and Risks
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Volume and scale of DDoS attacks ‘vast’
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Turbulent 2022 was a tough year for tech stocks
Losers No. 1: Zoom Video Communications
CEO: Eric Yuan
3rd January 2022 Open: $184.44
30th December 2022 Close: $67.74
Change: -63.27%
After peaking above $478 per share in November 2020 when demand for Zoom Communications' video conferencing services exploded during the COVID-19 pandemic, the company's share price has been on a fairly steady retreat, with the company's stock losing more than 63% of its value between the start and finish of 2022.
For the first three quarters (ended 31st October) of its fiscal 2023 Zoom reported revenue of $3.28 billion, up more than 8% from $3.03 billion in the first three quarters of fiscal 2022. However, net income for the three-quarter period was $207.7 million, down from $884.6 million one year before due to increased spending on sales and marketing and for research and development.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
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The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Losers No. 2: BlackBerry
CEO: John Chen
3rd January 2022 Open: $9.32
30th December 2022 Close: $3.26
Change: -65.02%
BlackBerry reported revenue of $505 million for the first three quarters (ended 30th November) of the company's fiscal 2023, down more than 5% from $533 million in the same period in fiscal 2022. The company reported a $239 million net loss for the period compared to a $132 million net loss one year before.
BlackBerry has been aggressively pushing into the MSSP market and their SMB and mid-market customers with its Cylance cybersecurity portfolio.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
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Threats and Risks
Nearly 7% of all internet traffic is malicious, says Cloudflare
Volume and scale of DDoS attacks ‘vast’
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The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Losers No. 3: Zscaler
CEO: Jay Chaudhry
3rd January 2022 Open: $322.60
30th December 2022 Close: $111.90
Change: -65.31%
In October Zscaler, a developer of zero trust cloud security, said that President Amit Sinha had accepted a CEO post at a privately held tech company and would resign effective 21st October. He continues to serve on the company's board.
In September Zscaler acquired ShiftRight and plans to integrate its security workflow automation technology into the Zscaler Zero Trust Exchange platform.
For all of fiscal 2022 (ended 31st July) Zscaler reported revenue of $1.09 billion, up 62% from $673.1 million in fiscal 2021. The company's net loss widened in fiscal 2022 to $390.3 million from $262 million one year before.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
London-based startup Fogsphere uses standard 4K security cameras - the type that can be purchased for £70 - to monitor workplaces and create immediate alerts as soon as dangerous conditions are spotted.
/news/4336501/nearly-internet-traffic-malicious-cloudflare
Threats and Risks
Nearly 7% of all internet traffic is malicious, says Cloudflare
Volume and scale of DDoS attacks ‘vast’
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Corporate
UiPath to cut 10% of staff amid AI investment focus
'Workforce reduction is aimed at further driving operational efficiency and customer centricity,' according to a UiPath
The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Losers No. 4: Cloudflare
CEO: Matthew Prince
3rd January 2022 Open: $131.07
30th December 2022 Close: $45.21
Change: -65.51%
In April, content delivery network services provider Cloudflare completed its $162 million acquisition of email security provider Area 1 Security. That followed Cloudflare's acquisition of cloud access security broker startup Vectrix in February.
For the first nine months (ended 30th September) of 2022, Cloudflare reported revenue of $700.5 million, up 51.3% percent from $462.8 million in the same period in 2021. The company reported a $147.5 million net loss for the nine months compared to a $182.8 million net loss one year before.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
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Threats and Risks
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The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Losers No. 5: Confluent
CEO: Jay Kreps
3rd January 2022 Open: $76.62
30th December 2022 Close: $22.24
Change: -70.97%
Data streaming platform developer Confluent went public in 2021 and, like many publicly traded tech companies, its stock was on a downward slide for the first four months of 2022, reaching $21.13 per share on 1st May.
For the first nine months (ended 30th September) of 2022 Confluent reported revenue of $417.3 million, up nearly 56% from $267.9 million in the first nine months of 2021. The company's net loss widened to $346.7 million during the nine-month period compared to a $228.4 million net loss one year before.
Confluent will report its 2022 fourth quarter and full year results on 30th January.
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Artificial Intelligence
Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
London-based startup Fogsphere uses standard 4K security cameras - the type that can be purchased for £70 - to monitor workplaces and create immediate alerts as soon as dangerous conditions are spotted.
/news/4336501/nearly-internet-traffic-malicious-cloudflare
Threats and Risks
Nearly 7% of all internet traffic is malicious, says Cloudflare
Volume and scale of DDoS attacks ‘vast’
/news/4334237/uipath-cut-staff-amid-ai-investment-focus
Corporate
UiPath to cut 10% of staff amid AI investment focus
'Workforce reduction is aimed at further driving operational efficiency and customer centricity,' according to a UiPath
The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Losers No. 6: UIPath
Co-CEOs: Daniel Dines and Rob Enslin
3rd January 2022 Open: $43.81
30th December 2022 Close: $12.71
Change: -70.99%
UIPath, a developer of business process automation software, went public in April 2021 in one of the year's biggest software company IPOs; but the company's share price has been on a downward trajectory from its 2021 high, near $80, and has hovered below $14 since 1st September 2022.
For the first three quarters (ended 31st October) of its fiscal 2023 UIPath reported revenue of $750 million, up 25.5% from $602.6 million in the first three quarters of fiscal 2022. The company's net loss for the three-quarter period declined to $300.7 million from $462.5 million one year before.
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Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
London-based startup Fogsphere uses standard 4K security cameras - the type that can be purchased for £70 - to monitor workplaces and create immediate alerts as soon as dangerous conditions are spotted.
/news/4336501/nearly-internet-traffic-malicious-cloudflare
Threats and Risks
Nearly 7% of all internet traffic is malicious, says Cloudflare
Volume and scale of DDoS attacks ‘vast’
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Corporate
UiPath to cut 10% of staff amid AI investment focus
'Workforce reduction is aimed at further driving operational efficiency and customer centricity,' according to a UiPath
The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Losers No. 7: Domo
CEO: John Mellor
3rd January 2022 Open: $49.71
30th December 2022 Close: $14.24
Change: -71.35%
Domo is a provider of business analytics and data application software.
For the first three quarters (ended 31st October) of the company's fiscal 2023 Domo reported revenue of $229 million, up nearly 22% from $188 million in the first three quarters of fiscal 2022. The company reported a net loss of $68.9 million for the three-quarter period compared to a net loss of $85.7 million one year earlier.
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Artificial Intelligence
Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
London-based startup Fogsphere uses standard 4K security cameras - the type that can be purchased for £70 - to monitor workplaces and create immediate alerts as soon as dangerous conditions are spotted.
/news/4336501/nearly-internet-traffic-malicious-cloudflare
Threats and Risks
Nearly 7% of all internet traffic is malicious, says Cloudflare
Volume and scale of DDoS attacks ‘vast’
/news/4334237/uipath-cut-staff-amid-ai-investment-focus
Corporate
UiPath to cut 10% of staff amid AI investment focus
'Workforce reduction is aimed at further driving operational efficiency and customer centricity,' according to a UiPath
The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Losers No. 8: MicroStrategy
President and CEO: Phong Le
3rd January 2022 Open: $550.61
30th December 2022 Close: $141.57
Change: -74.29%
MicroStrategy develops software for enterprise and embedded business analytics. The company is also a major player in the Bitcoin market, calling itself the world's largest publicly traded corporate Bitcoin owner, with holdings of BTC130,000.
For the first nine months (ended 30th September) of 2022 MicroStrategy reported revenue of $366.7 million, down 2.5% from $376.2 million in the first nine months of 2021. The company reported a net loss of $1.22 billion for the three-quarter period (including a $1.09 billion charge for digital asset impairment losses) compared to a $445.5 million net loss one year before.
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Artificial Intelligence
Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
London-based startup Fogsphere uses standard 4K security cameras - the type that can be purchased for £70 - to monitor workplaces and create immediate alerts as soon as dangerous conditions are spotted.
/news/4336501/nearly-internet-traffic-malicious-cloudflare
Threats and Risks
Nearly 7% of all internet traffic is malicious, says Cloudflare
Volume and scale of DDoS attacks ‘vast’
/news/4334237/uipath-cut-staff-amid-ai-investment-focus
Corporate
UiPath to cut 10% of staff amid AI investment focus
'Workforce reduction is aimed at further driving operational efficiency and customer centricity,' according to a UiPath
The biggest tech stocks winners and losers in 2022
Turbulent 2022 was a tough year for tech stocks
Losers No. 9: Rackspace Technology
CEO: Amar Maletira
3rd January 2022 Open: $13.52
30th December 2022 Close: $2.95
Change: -78.18%
Multi-cloud and private cloud services provider Rackspace was in the news in December 2022 when it was the victim of a ransomware attack that caused significant disruption to its hosted Exchange service.
In May Rackspace said a review concluded a potential sale of the company or parts of the business was a strategic option.
On 26th September Amar Maletira, previously Rackspace's president and CFO, was named the company's new CEO. He replaced Kevin Jones, who took on the role of operating advisor with Rackspace investor Apollo Global Management.
For the first three quarters (ended 30th September) of 2022 Rackspace reported revenue of $2.34 billion, up nearly 5% from $2.23 billion in the first three quarters of 2021. For the three-quarter period the company reported a net loss of $590.8 million compared to a $135.4 million net loss one year before.
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Artificial Intelligence
Health and safety gone rad: Fogsphere brings AI chops to workplace monitoring
London-based startup Fogsphere uses standard 4K security cameras - the type that can be purchased for £70 - to monitor workplaces and create immediate alerts as soon as dangerous conditions are spotted.
/news/4336501/nearly-internet-traffic-malicious-cloudflare
Threats and Risks
Nearly 7% of all internet traffic is malicious, says Cloudflare
Volume and scale of DDoS attacks ‘vast’
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UiPath to cut 10% of staff amid AI investment focus
'Workforce reduction is aimed at further driving operational efficiency and customer centricity,' according to a UiPath
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Turbulent 2022 was a tough year for tech stocks
Losers No. 10: Quantum
CEO: Jamie Lerner
3rd January 2022 Open: $5.55
30th December 2022 Close: $1.09
Change: -80.36%
Quantum, a developer of data storage and management devices and systems, as well as video surveillance systems, recorded the biggest stock price decline in 2022 among all the tech companies on the CRN watch list. The company's shares lost more than four-fifths of their value in 2022 and finished out the year just above $1.
For the first six months (ended 30th September) of its fiscal 2023 Quantum reported revenue of $196.2 million, up nearly 8% from $182.3 million in the first half of fiscal 2022. The company reported a net loss of $24.7 million for the six-month period, compared to a $13.6 million net loss one year before.
Supply chain disruptions hindered revenue growth, especially earlier in the year. In June Quantum launched a series of cost-reduction programs designed to reduce expenses by $1.5 million to $2 million per quarter.
The company will report its fiscal 2023 third quarter results on 2nd February.
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