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What investors are looking for in tech earnings next week

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Tech is a big industry involving companies from chipmakers to social networks. And starting next week, investors will have a much better sense of the health of many of these companies.

Analysts expect to see second-quarter earnings for the tech sector to climb about 7 percent—lower than energy, consumer discretionary and telecom, but higher than financials, utilities and consumer staples, according to FactSet. For revenue, analysts expect growth of 5.4 percent, double the overall market's revenue growth.

Wall Street strategists say many tech companies have undergone significant structural reform in terms of how they now manage their businesses.

"They have the strongest balance sheets of most companies in America, and very strong cash flow," says Brian Belski, BMO's Chief Investment Strategist, adding that, since 2000, tech companies have had some of the most stable earnings growth in the S&P 500.

Yahoo kicks off the parade next Tuesday. Analysts expect the company to report revenue of $1.1 billion, which would amount to basically flat year-over-year growth. Investors are frustrated with the lack of a turnaround, and they've sent the stock lower this year.

Read MoreWhat Alibaba and Yahoo really have to fear

Still, Yahoo bulls such as Youssef Squali of Cantor Fitzgerald say CEO Marissa Mayer's focus on product improvement and user engagement will eventually pay off, and they're looking for Yahoo to benefit from Alibaba's highly anticipated IPO in August. Yahoo has a 23 percent stake in the Chinese e-commerce giant.

Intel also reports Tuesday. A few weeks ago, the chip giant raised estimates because of stronger demand for commercial PCs. Intel now expects second-quarter revenue of $13.7 billion. But the question for investors is whether any of that PC optimism is spreading to the consumer side of the business.

From chips to bids: on Wednesday, investors will hear from eBay, where there have been a lot of fireworks over the last few months. Carl Icahn campaigned to get eBay to separate its Paypal unit until a truce was called between the activist investor and the company. But then David Marcus, the head of the Paypal unit, left for Facebook.

Read MoreIcahn: It's time to be cautious about US markets

Ebay's stock is firmly in the red this year, but Scott Kessler, S&P Capital IQ's Internet analyst, is telling his clients to buy the stock. He says it's attractively valued, and he argues that Paypal will remain a dominant player in the digital payments market.

The week in tech earnings ends Thursday when Google reports. There, investors will focus on search volume and search pricing, which has been falling. That's because advertisers don't want to spend as much on mobile ads.

Still, bulls such as RBC's Mark Mahaney point to the company's very strong market share in its core search business as well as an excellent track record of innovation and acquisitions.

By CNBC's Josh Lipton. Follow him @CNBCJosh

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