03:49 PM EDT, 05/31/2024 (MT Newswires) -- Tech stocks fell late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) both retreating 0.7%.

The Philadelphia Semiconductor Index slumped 1.4%.

In corporate news, Alphabet's (GOOG) Google ( GOOG ) made sweeping job cuts at its Cloud unit this week, Business Insider reported, citing an internal document it reviewed and an employee familiar with the matter. Google ( GOOG ) shares eased 0.2%.

Cyngn ( CYN ) Chief Executive Lior Tal on Friday issued a letter to shareholders asking their support for a planned reverse stock split to regain compliance with Nasdaq's $1 minimum bid price requirement before the late August deadline. Cyngn ( CYN ) shares dropped 13%.

Elastic (ESTC) shares surged 11% in recent trading, a day after it reported non-GAAP earnings and revenue ahead of analysts' estimates.

Zscaler ( ZS ) shares jumped 7.3%, a day after it reported a stronger-the-expected surge in fiscal Q3 earnings and sales, while raising its full-year outlook.