Check Out These Consumer Tech Stocks In The Stock Market Today

While the stock market continues to trade sideways, investors may want to consider consumer tech stocks. For the most part, this would be due to the ever-growing demand for what the industry offers. This ranges from your typical smartphone to cutting-edge smart home technology. Like it or not, the world of consumer tech has and continues to evolve and thrive amidst the current volatility in markets. What’s more, the Nasdaq Composite has plunged more than 10% year to date. And that leads some investors looking to buy good companies on sale.

For instance, some investors may be considering the likes of Alibaba (NYSE: BABA). Notably, the stock has plunged more than 60% from it’s all-time high. The Chinese e-commerce giant announced on Wednesday that it will be upsizing its share buyback program from $15 billion to $25 billion. This makes it the largest buyback in its history. This upsize reflects the company’s confidence in its long-term growth potential. Elsewhere, social marketplace platform Poshmark (NASDAQ: POSH) reported quarterly results yesterday. Its revenue rose 22% year-over-year to $84.2 million. All things considered, watch out for these four consumer tech stocks in the stock market today.

Consumer Tech Stocks To Watch Right Now


Shopify is a multinational e-commerce company with headquarters in Ontario, Canada. The company’s global commerce operations continue to present growth prospects. This comes as it has a growing set of tools and capabilities that enable merchants of all sizes to sell to anyone, anywhere. It also boasts a data advantage, with tens of billions of interactions accumulated over the years that are now leveraged through machine learning. With SHOP stock down by more than 35% over the past year, could things be turning around anytime soon?

best tech stocks to buy (SHOP stock)

On Wednesday, the company introduced a new tool called Linkpop. For the most part, it is an online landing page that allows creators to sell products directly from their Linkpop page. It works by allowing creators to include important links on the page. This makes the buying process more efficient as consumers can purchase directly on Linkpop without leaving the app they were using.

In addition, Linkpop also includes built-in analytics tools that merchants can use to better understand how customers are engaging with their page. Besides that, they’ll be able to view metrics such as link clicks and unique visitors. With this new tool available, should you consider buying SHOP stock?

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Following that, we will be taking a look at Upstart. In brief, it is a cloud-based artificial intelligence that specializes in the financial services space. Its lending platform aggregates consumer demand for loans and connects it to its network of Upstart AI-enabled bank partners. By leveraging machine learning models, it can accurately identify risk and approve more applicants than other traditional credit-score means. Also, its bank partners can define its own credit policy and determine the significant parameters of its lending program. 

UPST stock

Recently, the Bellwether Community Credit Union announced a partnership with Upstart. Bellwether is a not-for-profit credit union that serves about 30,000 members. Through the partnership, Bellwether will be able to expand access to affordable credit and reach more creditworthy borrowers. Prior to this, Bellwether has been an Upstart lending partner since December last year.

As such, this partnership further expands upon that partnership. Bill Zafirson, the Senior Vice President of Bellwether said, “Through our partnership with Upstart, we will be able to expand our membership and help more people in their time of need through more inclusive lending, enabled by an all-digital, AI-powered consumer lending experience.” With this partnership in mind, would you invest in UPST stock?

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Tencent Music Entertainment

Another top consumer tech stock investors could be looking at is Tencent Music Entertainment. In essence, it is a leading online music and audio entertainment platform in China. Briefly, Tencent Music operates popular music apps such as QQ Music, Kugou, Kuwo, and WeSing which have a total of 800 million active users and over 120 million paying subscribers. Besides music streaming, its platform also comprises online karaoke, music-centric live streaming and online concert services. Currently, it is dominating the music entertainment industry in China with a market share of approximately 80%. 

TME stock

Yesterday, Tencent Music reported its fourth-quarter earnings. Diving in, the music entertainment company brought in $1.19 billion in revenue for the quarter. In particular, revenues from music subscriptions were $306 million, representing a 23.5% growth compared to last year. As for profits, the company brought in $91 million for the quarter.

Interestingly, long-form audio proved itself to be an excellent complement to its music portfolio, with numbers showing year-over-year growth of 65%. In addition, the company is also pursuing a secondary listing in Hong Kong, making the stock accessible to more investors in its home region. With a growing demand for its wide portfolio of music services, should you add TME stock to your watchlist?

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Last but not least, we will be taking a look at Adobe. For the most part, it is a multinational computer software firm. The company offers a vast array of software solutions to clients across the globe. This includes but is not limited to its Adobe Creative Cloud, Document Cloud, and Experience Cloud offerings. All of which allows Adobe to cater to creatives, students, small businesses, government agencies, and even global brands.

top software stocks to buy (ADBE stock)

Yesterday, Adobe reported its fiscal year 2022 first-quarter financials. For starters, the company managed to achieve record revenue for the quarter with $4.26 billion, a 9% growth year-over-year. The company attributes this to the Creative Cloud, Document Cloud, and Experience Cloud to be pivotal in driving the digital economy.

Its Digital Media segment revenue came in at $3.11 billion, representing 9% growth compared to the same period in 2021. Meanwhile, net income came in at $1.27 billion and GAAP earnings per share were $2.66. For the next quarter, the company is forecasting revenue to be around $4.34 billion, and earnings per share to be approximately $2.44. With this in mind, would you buy ADBE stock?

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