The tech sector has always been a key part of the world economy and a source of new and exciting discoveries in many industries. This quickly changing sector includes a wide variety of areas, such as software development, making computer hardware, artificial intelligence, cloud computing, and cybersecurity. The growth of the tech sector is mostly because of the huge increase in people using the internet, the spread of mobile devices, and the need for data-driven solutions. That’s why tech stocks have been a favorite choice for investors, as they can offer big growth potential and, often, great returns on investment.
When you invest in tech stocks, you’re putting your money into many different kinds of companies, from big, well-known leaders like Microsoft (NASDAQ: MSFT), Netflix (NASDAQ: NFLX), and Meta Platforms (NASDAQ: META) to smaller, creative startups working on the latest technologies. Even though the tech sector can be unpredictable, it has usually given strong returns for people who invest for a long time, especially if they can find and take advantage of new trends and big innovations.
However, investing in technology stocks can be risky. The fast changes in the tech world can lead to shifts in competition, and new, groundbreaking technologies can push out older, established companies. So, it’s really important for investors to do a lot of research and be careful before investing in tech stocks. This way, they can make sure they know about both the good opportunities and the risks involved. With that in mind, let’s take a look at two trending tech stocks to watch in the stock market that recently reported earnings.
Tech Stocks To Invest In [Or Avoid] Today
- Apple Inc. (NASDAQ: AAPL)
- Block Inc. (NYSE: SQ)
Apple (AAPL Stock)
First, Apple Inc. (AAPL) is a leading global technology company known for its notable consumer tech products such as the iPhone, iPad, Mac computers, and Apple Watch. They also offer various services like Apple Music, iCloud, and the App Store.
On Thursday afternoon, Apple announced its second quarter 2023 financial results. Apple reported earnings of $1.52 per share and total revenue of $94.8 billion for Q2 2023. This exceeded analysts’ expectations, which predicted earnings of $1.44 per share and revenue of $92.9 billion. Additionally, during the conference call, Apple mentioned that they expect a similar decrease in revenue for the third quarter, estimating around $80.88 billion.
Following this earnings release, shares of Apple stock closed Thursday’s after-hours trading session up by 2.49% at $169.92 a share.
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Block (SQ Stock)
Second, Block Inc. (SQ), formerly known as Square, is a financial technology company that focuses on payment solutions for small and medium-sized businesses. They offer tools like point-of-sale systems, payment processing, and business management software. In addition to its core products, Block has expanded into areas like peer-to-peer payments with its popular Cash App, and they have started offering financial services such as business loans and stock trading.
Also on Thursday afternoon, Block reported better-than-expected first-quarter 2023 financial results. Diving in, the company posted earnings of $0.40 per share, with revenue of $5.0 billion. This is versus Wall Street’s estimates for the quarter, which were earnings of $0.34 per share, along with revenue of $4.6 billion. Moreover, revenue advanced by 26.0% compared to the same period, the year prior.
As a result of this news release, shares of SQ stock closed out Thursday’s after-hour trading higher by 2.35% at $61.85 a share.
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