Technology has been one of the driving forces behind the growth of the global economy in recent years. The tech sector has been at the forefront of this trend. From the rise of cloud computing to the proliferation of smartphones, technology companies have been leading the way in developing innovative solutions that are changing the way we live and work. As a result, the tech sector has become one of the largest and most important industries in the stock market.
As a result, tech stocks have been some of the most sought-after investments in recent years. This comes as investors seek to capitalize on the growth potential of technology companies. With many tech firms enjoying strong financials, high-profit margins, and robust revenue growth, they have been viewed as a source of steady returns and long-term value. Despite their high valuations, many investors continue to pour money into the tech sector. This is because some investors believe that these companies will continue to lead the way in developing the technologies that will shape the future.
In summary, technology and tech stocks have become key drivers of growth in the stock market today. While attracting significant investment capital and attention from investors around the world. Whether you’re an individual investor or a financial institution, the tech sector is likely to play an increasingly important role in your portfolio in the years to come. Given this information, here are two tech stocks to watch in the stock market right now.
Tech Stocks To Invest In [Or Avoid] Right Now
- Uber Technologies Inc. (NYSE: UBER)
- Microsoft Corporation (NASDAQ: MSFT)
Uber Technologies (UBER Stock)
First up, Uber Technologies Inc. (UBER) is a multinational transportation network company. To start, the company offers a broad range of ride-hailing and food-delivery services through its mobile app. In addition to its ride-hailing services, the company is also working on developing new technologies such as autonomous vehicles.
In recent news, today, Wednesday, Uber reported its 4th quarter and full-year 2022 financial results. Getting right to it, the company reported Q4 2022 earnings of $0.29 per share and revenue for the quarter of $8.6 billion. This came in better than analysts’ consensus estimates which were a loss of $0.21 per share, with revenue estimates of $8.5 billion for Q4 2022. Additionally, the company posted a 49% increase in revenue versus the same period, the previous year.
In 2023 thus far, Uber Technologies’ stock has surged by 37.46% year-to-date. With that, during Wednesday’s mid-morning trading session, shares of UBER stock are trading flat on the day so far at $34.85 a share.
[Read More] 3 E-Commerce Stocks To Watch In February 2023
Microsoft Corporation (MSFT Stock)
Second, Microsoft Corporation (MSFT) is a tech giant that develops, licenses, and sells computer software, consumer electronics, and personal computers and services. Its most well-known products include the Windows operating system, the Microsoft Office Suite, and the Xbox gaming console. The company is also involved in cloud computing, artificial intelligence, and virtual reality, among other cutting-edge technologies.
In January, Microsoft reported its 2nd quarter 2023 financial results. Diving in, The tech giant reported Q2 2023 earnings per share of $2.32 and total revenue of $52.7 billion. This surpassed analysts’ predictions for the quarter, which were earnings of $2.27 per share. What’s more, the company also notched in revenue growth of 2% on a year-over-year basis.
Over the last month of trading action, shares of Microsoft stock have rebounded by 19.26%. While, during Wednesday’s mid-morning trading session, shares of MSFT stock are trading higher on the day so far by 1.56% at $271.73 a share.