Upbeat reaction to the earnings results from Facebook Inc. and Yelp Inc. led gains across the tech sector on Thursday morning, while Intel shares slipped after the chip giant named a long-time insider as its new CEO.

The Nasdaq Composite (RIXF) rose 1% to 3,332 in morning trades, while the Philadelphia Semiconductor Index (SOX) rose 0.8% and the Morgan Stanley High-Tech Index (MSH) rose 0.7%.

Facebook (FB) shares rose 3.5%, to $28.38 a day after the social-networking giant reported strong first-quarter revenue gains, with mobile ad revenue accounting for 30% of the company’s total ad sales of $1.25 billion.

“Facebook’s Q1 earnings demonstrated that the company can consistently deliver advertising growth meaningfully above industry growth rates and can continue to drive growth in user engagement, rebutting the two current bear theses on the stock,” wrote Victor Anthony of Topeka Capital in a note to clients on Thursday.

Yelp (YELP) surged more than 23%, to $31.24 a share, after the online consumer-review and recommendation company posted better-than-expected sales gains and narrowed its first-quarter loss from a year ago. Yelp’s results also pointed toward strong performance in its mobile buisness and advances in local-ad sales.

Seagate Technology (STX) shares rose 7%, to $39.52, after the hard-disk drive maker reported upbeat quarterly results late Wednesday, led by higher sales of products used for Internet storage.

Intel (INTC) , however, slipped about 0.3% to $23.93 after the chip giant promoted chief operating officer Brian Kraznich to the post of CEO. Kraznich will take over at Intel’s CEO on May 16, and replace Paul Otellini, who had previously said he was retiring.

Two rivals of Intel — AMD (AMD) and Qualcomm (QCOM) — were both up 1% in early trades.

LinkedIn Corp. (LNKD), which reports quarterly results after the close of trading, was up 1.5% at $197.73 a share. The company is expected to post strong gains in both revenue and earnings for the period.

Other gains came from Apple Inc. (AAPL), which was up 1.5% to $445.90 a share, Google Inc. (GOOG) and Applied Materials (AMAT)

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