Are These Top Consumer Tech Stocks Good Stocks To Buy Right Now?
While investors look ahead to the central bank’s monetary policy meeting later today, consumer tech stocks could be worth noting. By and large, this area of the stock market has been and still is a viable play now. As most would know, consumers turned to some of the biggest names in the industry amidst the pandemic. Whether it is streaming firms, gaming companies, or even social media platforms, this is apparent. Also, some of the top fintech names like PayPal (NASDAQ: PYPL) and Block (NYSE: SQ) also received plenty of attention from investors and consumers alike.
Fast forward to today where pandemic conditions are considerably better, and consumer tech stocks are in an interesting position. The likes of semiconductor manufacturer Intel (NASDAQ: INTC) to productivity software titan Microsoft (NASDAQ: MSFT) remain as crucial as ever. Even as the world learns to live with the pandemic, it is doing so with the help of tech. At the same time, Apple (NASDAQ: AAPL), one of the biggest players in the consumer tech space, continues to thrive. Just last week, the company topped earnings estimates across the board and authorized a $90 billion share buyback program. Furthermore, even Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A) picked up an additional $600 million worth of Apple’s shares last quarter as well.
Not to mention, travel firms are also seeing an uptick in their core operations as well. With companies like Hilton Hotels (NYSE: HLT) seeing sales return to pre-pandemic levels, travel aggregators such as Expedia (NASDAQ: EXPE) would gain traction too. All in all, consumer tech firms continue to draw attention during this earnings season. On that note, here are three more to watch in the stock market today.
Consumer Tech Stocks To Buy [Or Sell] This Week
- Advanced Micro Devices Inc. (NASDAQ: AMD)
- Airbnb Inc. (NASDAQ: ABNB)
- Citigroup Inc. (NYSE: C)
Advanced Micro Devices Inc.
To begin with, we have Advanced Micro Devices or AMD for short. Overall, the company specializes in developing computer processors, semiconductors, and related tech. All of which serve a wide variety of consumer and enterprise clients. Among its core end markets include the gaming, high-performance computing, data center, and professional design industries. Following AMD’s latest quarterly earnings call, AMD stock appears to be in focus in the stock market now.
Getting straight to it, AMD posted stellar results in its first-fiscal quarter report yesterday. The company is looking at revenue of $5.89 billion for the quarter. Notably, this translates to a 71% year-over-year increase and a record-high for AMD in terms of quarterly revenue. Furthermore, the company is boasting earnings of $1.13 per share, crushing consensus analyst projections of $0.91. With results like this, it seems that AMD continues to go from strength to strength.
In detail, the company’s two core business divisions are seeing solid momentum. On one hand, AMD’s total sales from its Computing and Graphics arm is up by 33% year-over-year, totaling $2.8 billion. On the other hand, its Enterprise, Embedded, and Semi-Custom sales skyrocketed by 88% over the same period. With all this alongside the recent completion of the company’s acquisition of fellow semiconductor giant Xilinx, we could be looking at exciting times ahead for AMD stock. Would you agree?
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Airbnb Inc.
Following that, we have Airbnb, a consumer tech company that uses its platform to connect hosts to guests. In fact, the company has grown to over 4 million hosts that have welcomed over 1 billion guests across the globe. The company has had one of the biggest IPOs in 2020 during the pandemic and continues to strive today as the countries around the world continue to reopen their borders. This comes as two years since the pandemic began, a new world of travel has emerged. Millions of people are now more flexible about where they live and work after all.
On Tuesday, the company had reported stellar earnings and beaten estimates. Notably, it had a 70% revenue growth at $1.5 billion as travel continues to rebound across the globe. Impressively, this quarter’s revenue was also 80% higher than Q1 2019, pre-pandemic levels. The company also exceeded expectations for its nights and experiences booked, also surpassing pre-pandemic levels at 102.1 million. Gross booking value was also up by 67% year-over-year at $17.2 billion. Adjusted EBITDA for the quarter was $229 million, being its first positive Q1 adjusted EBITDA since its IPO.
The company will also be announcing big changes on May 11 as it seeks to introduce ‘a new Airbnb for a new world of travel’. Some hints that the company has offered are a new way to search and guests will be able to discover millions of unique homes. The company also says that, despite global headwinds in the quarter, it continues to beat expectations and this would demonstrate strong global demand for travel. Furthermore, Airbnb also says that long-term stays of 28 days or more also continue to be its fastest-growing category by trip length. Given the solid quarter, is ABNB stock a buy?
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Citigroup Inc.
Citigroup is a company that provides financial services and also investment banking. In fact, it is one of the Big Four banking institutions in the U.S. In essence, it has five core interconnected businesses across Services, Markets, Banking, Global Wealth Management, and U.S. Personal Banking. Its Banking segment, for instance, focuses on high-returning, capital-light Investments. Today, the company has announced an exciting piece of news.
Diving in, Citi has announced the launch of Single Euro Payments Area (SEPA) Instant Payments in Europe. This will further increase the bank’s global instant payments offerings. Accordingly, the launch will provide clients with the ability to pay to and receive from 36 SEPA countries. Transactions will be made within seconds, 24/7, and funds available to recipients immediately. Elena Gomez, Global Head of Domestic Payments had this to say, “We are seeing an increasing number of countries advance their digital capabilities and introduce local instant payment schemes. Citi has built a globally consistent solution that provides uniform connectivity to all key domestic instant payment systems. We have taken a single point-of-entry approach, utilizing API connectivity, to enable clients to make payments in multiple markets, and access key real time services such as payment status or balance enquiries, as well as instant notification of incoming credits and outgoing debits.”
Businesses will be able to use SEPA for a wider range of use cases to drive business growth and efficiency. The likes of which include on-demand payments. Besides SEPA, the bank also supports 29 other markets globally for Instant Payments, so its Instant Payments capabilities can now reach over 60 countries around the world. All things considered, is C stock worth investing in?
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