Earnings scorecard: 21 out of 22 technology companies beat EPS estimates this week

Information technology stocks grabbed the spotlight this week as Wall Street digested earnings reports from major companies, including Microsoft (MSFT), Intel (INTC), and Sandisk (SNDK).

The information technology sector (NYSEARCA:XLK) gained nearly 31% so far this year, outperforming about a 13% increase in the broader S&P 500 Index.

In this week's earnings recap, 22 tickers reported results, out of which 21 companies reported earnings beats and 20 beat revenue expectations.

Below are the latest quarterly reports from some key players, which reported results this week:

Microsoft (MSFT) shares rose in extended trading on Wednesday after the Windows maker reported fiscal first-quarter results that topped/missed estimates.

For the period ending Sept. 30, Microsoft said it earned an adjusted $4.89 per share as revenue rose 19% year-over-year (17% in constant currency) to come in at $92.28B. Cloud revenue came in at $63.9B, above the $61.62B estimate. Azure revenue rose 48%, above the estimate of 44.8%.

On the company's earnings call, Microsoft management said it expects fiscal second-quarter revenue to be between $96B and $97.1B, above the $95.63B estimate.

On the other hand, Intel (INTC) shares plunged 26% in premarket trading on Friday after it issued fourth quarter guidance that missed Wall Street's estimates by a considerable margin.

The semiconductor giant expects its Q4 revenue to be between $15B and $16B, below estimates of $17.05B. Adjusted earnings are forecast to be $0.25 per share, below the $0.43 estimate. Adjusted gross margins are expected to be 38%, below the 42.8% estimate.

Sandisk (SNDK) shares erased initial losses and rose 3% in extended trading on Thursday as the storage maker reported fiscal first-quarter results and guidance that topped Wall Street's forecast by a considerable margin.

Shares have gained more than 380% year-to-date.

For the period ending Oct. 2, Sandisk said it earned an adjusted $49.51 per share as revenue rose 23% year-over-year to come in at $11.03B. Analysts had expected Sandisk to earn an adjusted $46.67 per share on $10.72B in revenue.

Looking ahead to the fiscal second-quarter, Sandisk said it expects to earn between $55 and $57 per share on an adjusted basis, above the $52.60 per share estimate. Sales are forecast to be between $12.2B and $12.6B, with the $12.4B midpoint above the $12.31B estimate.

For the upcoming week, Apple (AAPL), Qualcomm (QCOM), Advanced Micro Devices (AMD), Palantir Technologies (PLTR), and Super Micro Computer (SMCI) are among the key information technology companies that are scheduled to report quarterly results.