Are These The Best Tech Stocks To Have On Your May 2022 Watchlist?
Tech stocks are, arguably, in a unique position in the stock market today, to say the least. After all, with the Fed’s plans to raise interest rates in today’s inflationary environment, tech stocks would be out, right? Not necessarily. For one thing, tech firms have and continue to play commendable roles across the globe throughout the current pandemic. From social media tech firms like Pinterest (NYSE: PINS) keeping people connected, to enterprise cloud service providers like Microsoft (NASDAQ: MSFT), this is apparent. As such, some would argue that persisting reliance on companies such as these would make tech stocks viable plays now.
Not to mention, companies in the fintech space continue to make moves as well. Take Mastercard (NYSE: MA) and PayPal (NASDAQ: PYPL) for instance. On one hand, Mastercard is looking at a 49% year-over-year profit surge in its latest quarterly update. The company cites the rapid acceleration of cross-border travel to pre-pandemic levels, a first since March 2020. In particular, Mastercard’s cross-border payments volume is up by 53% year-over-year. On the other hand, PayPal is actively focusing on growing its user engagement to further bolster long-term growth.
Sure, the latest GDP reading would signal a potential slowdown in the overall economic recovery now. This is especially evident from the 1.4% drop versus economist forecasts of a 1% gain. However, with the overwhelming reliance on tech from across consumer and professional markets, tech firms are holding strong. With all this in mind, here are three more tech stocks to watch in the stock market now.
3 Top Tech Stocks To Watch Right Now
- Meta Platforms Inc. (NASDAQ: FB)
- Qualcomm Inc. (NASDAQ: QCOM)
- ServiceNow Inc. (NYSE: NOW)
Meta Platforms Inc.
Up first on our tech stock list today is Meta Platforms. To begin with, most would be familiar with Meta’s leading social networking platforms. These would mainly be its Facebook, Instagram, and WhatsApp offerings. All of which billions of people across the globe use regularly. Also, Meta is actively making the push towards the metaverse via a wide array of hardware and software ventures as well. Thanks to its overall focus on connecting people across the globe, FB stock is gaining attention in the stock market now.
Namely, investors are likely responding to Meta’s latest quarterly earnings. In it, the company posted earnings of $2.72 per share, handily beating consensus expectations of $2.56. Furthermore, the company also appears to be regaining its momentum on several key operational fronts as well. For its first fiscal quarter, Meta’s daily active users (DAUs) grew to 1.96 billion. A notable improvement from its decline of DAUs in the previous quarter. On top of that, Meta’s average revenue per user (RPU) was at $9.54, above analyst estimates of $9.50.
Across the board, it seems that the company is going from strength to strength. Even in the face of growing macroeconomic pressures, its DAU and RPU metrics are steadily improving. Because of all this, CEO Mark Zuckerberg notes that Meta remains “confident in the long-term opportunities and growth that our product roadmap will unlock.” As such, would you consider FB stock a top tech stock to look out for right now?
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Qualcomm Inc.
Qualcomm is a tech company that is a leader in the wireless technology space and has been a key player in the development and expansion of 5G. Today, it connects billions of phones to the internet and its technologies are found in every 4G and 5G smartphone. Its foundational technologies also continue to benefit a slew of industries like automotive, the internet of things, and computing.
On Wednesday, the company announced its financials for its second-quarter fiscal. Diving in, revenues for the quarter were $11.16 billion, an increase of 41% year-over-year. Net income was also a cool $2.93 billion for the quarter, increasing by over 60% compared to a year earlier. “We are pleased to announce another quarter of record revenues, reflecting the successful execution of our growth and diversification strategy and strong demand for our wireless and high-performance, low-power processor technologies across multiple industries,” said Cristiano Amon, President, and CEO of Qualcomm. “We are well-positioned to meet our long-term targets and enable the connected intelligent edge.”
Today, it also announced the launch of its 5G mmWave high-speed internet service in parts of 10 cities. This comes as it collaborates with UScellular and the carrier’s Home Internet+ solution delivers speeds of up to 300 Mbps. This would be an increase of 10 to 15 times compared to its 4G LTE home internet offering. Given all of this, is QCOM stock worth investing in today?
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ServiceNow Inc.
ServiceNow is a cloud-based company that helps digitize and unify organizations so that they can find smarter, and faster ways to make workflow. Its platform, dubbed the Now Platform, allows for creating digital workflows that deliver great experiences and also unlocks the productivity of employees and customers. For instance, the company allows for the automation of HR services and also the acceleration of security operations.
On April 27, 2022, the company announced its first-quarter financials for 2022. Firstly, subscription revenues were $1.63 billion for the quarter, representing a 26% year-over-year growth. Total revenues were $1.72 billion for the quarter. Secondly, the company also announced that it has current remaining performance obligations of $5.69 billion, an increase of 29% year-over-year. The company says that it has beat expectations across the board during this quarter and continues to be in a sustained demand environment. Companies today continue to invest with a sense of urgency in technologies that help increase productivity after all.
Also, among its recent business highlights, the ServiceNow National Security Cloud (NSC) offering obtained a U.S. Department of Defense Impact Level 5 Provisional Authorization, expanding ServiceNow’s growing portfolio of services that are tailored for the U.S. public sector. Its new Center of Excellence for Accessibility will also create more equitable experiences for both its employees and customers. With that being said, will you consider buying NOW stock?
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