After the broader market declined on Monday and Tuesday, it ticked higher during the second half of the week and finished about flat. This puts major market indices up significantly year to date. The S&P 500, for instance, is up 25% so far this year and is hovering around an all-time high.

But not all stocks are seeing such positive momentum. Indeed, two tech stocks were slammed this week. Zoom Video Communications (NASDAQ:ZM) and PagerDuty (NYSE:PD), for instance, both saw their stocks fall 16% this week.

Here's a closer look at what sent these stocks lower.

The word, technology, in front of computer codes.

Image source: Getty Images.

Zoom Video Communications

Shares of video-first communications software specialist Zoom fell nearly 16% this week, with a large portion of this sell-off coming after the company's fiscal third-quarter results.

Overall, Zoom's quarterly results were impressive, featuring 85% year-over-year revenue growth. And an $0.08 increase in non-GAAP (adjusted) earnings per share over the $0.01 profit per share the company reported in the year-ago quarter. Further, both Zoom's top and bottom lines beat analysts' average forecasts for the two metrics.

But some investors may have been hoping for a better top-line beat. Zoom's 85% year-over-year revenue growth rate was a notable declaration from its 96% growth rate in Q2.

Despite the market's response, management was optimistic during Zoom's third-quarter earnings call.

"[W]e are pleased to be increasing our outlook for the full-year based on our view of the current business environment, our ability to gain market share, and the momentum we have achieved so far this year," said Zoom CFO Kelly Steckelberg. The company upped its full-year forecast for both revenue and non-GAAP earnings per share.

PagerDuty

About 13 percentage points of PagerDuty's 16% decline this week came following the company's fiscal third-quarter update. Unlike Zoom, there are a couple metrics investors can pinpoint as the key reasons for the Street's disappointment. The digital operations management company's non-GAAP loss per share was worse than expected. In addition, PagerDuty said it is now expecting a wider loss per share for the full fiscal year than it previously was.

Revenue growth, however, was strong in fiscal Q3. PagerDuty's top line jumped 37% year over year to $42.8 million, beating analysts' average forecast. Furthermore, the company impressively saw a 49% year-over-year increase in customers who contributed over $100,000 in annual recurring revenue.

While the Street might not have been impressed with the results, PagerDuty CEO Jennifer Tejada was upbeat in the company's earnings call. "Given the innovation we continue to build into our platform, this quarter's uptake on digital operations management, and our growth in enterprise, it's truly an exciting time for PagerDuty," she said.