For the unaware, tech stocks refer to the stocks of companies involved in the production of technology and technology-related products and services. This includes a broad range of industries such as software, semiconductors, the internet, electronics, and e-commerce, among others. The tech sector has been at the forefront of innovation and growth in recent years, driven by the increasing demand for technology products and services in both consumer and enterprise markets.
Investing in tech stocks can be a lucrative opportunity for investors, as many of these companies are experiencing tremendous growth. Tech companies often boast strong balance sheets, high-profit margins, and a steady stream of recurring revenue, making them potentially attractive to both individual and institutional investors.
Additionally, the rapid pace of technological change and innovation in the sector often leads to the creation of new and exciting investment opportunities. However, it’s important to remember that investing in tech stocks is not without risk, and investors should do their research and consider the long-term prospects of a company before investing. With that, here are three tech stocks to watch in the stock market this month.
Tech Stocks To Buy [Or Sell] Right Now
- Uber Technologies Inc. (NYSE: UBER)
- Snowflake Inc. (NYSE: SNOW)
- Alphabet Inc. (NASDAQ: GOOGL)
Uber (UBER Stock)
To start, Uber Technologies Inc. (UBER) is a multinational transportation network company that offers ride-hailing services, food delivery, and more services via its platform. It operates in over 700 cities globally and has become one of the largest and most recognizable companies in the gig economy.
Last month, Uber announced the date it will release its fourth quarter 2022 financial results. In detail, Uber Technologies is going to have a meeting on February 8th at 5:00 a.m. Pacific Time to talk about their financial performance in the last quarter of 2022. The call can be watched through a live webcast on their investor website. To quickly recap, back in Q3 2022, the company reported a loss of $0.61 per share, along with revenue of $8.3 billion.
During Thursday’s pre-market trading action, shares of UBER stock are trading higher by 2.06% at $32.14 a share.
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Snowflake (SNOW Stock)
Next, Snowflake Inc. (SNOW) is a cloud-based data warehousing company that provides businesses with a fast, secure, and easy-to-use platform for storing and analyzing large amounts of data.
On Wednesday of this week, Snowflake announced the date it will release its Q4 2022 and full-year 2022 financial results. Specifically, the company said that they will release their financial results for the fourth quarter and the entire 2023 fiscal year on March 1, 2023. This is after the close of the US markets for the day. They will also hold a conference call to talk about the financial results. In Q3 2022, Snowflake posted a loss of $0.10 per share on revenue of $557 million.
Meanwhile, during Thursday’s early morning pre-market trading action, shares of SNOW stock are up 2.71% trading at $169.70 a share.
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Alphabet (GOOGL Stock)
Last but not least, Alphabet Inc. (GOOGL) is the parent company of Google and several other subsidiaries. It was created in 2015 as a holding company for Google’s various businesses and has since expanded to include subsidiaries in the technology, life sciences, and investment sectors.
In January, Alphabet announced that it will release its fourth-quarter 2022 financial results. Diving in, the company reported that it will announce its Q4 2022 results today, Thursday, February 2, at 1:30 pm PT (4:30 pm EST). For a quick refresher, in the third quarter of 2022, Alphabet reported earnings of $1.06 per share, along with revenue of $69.1 billion.
Moving along, on Thursday pre-market shares of GOOGL stock are green by 4.95% trading at $105.40 a share.
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