Shares of companies in the technology industry, such as hardware, software, and internet-based businesses, are referred to as tech stocks. Because of our increasing reliance on technology in all aspects of our lives, this industry has grown rapidly. Investing in technology stocks can provide investors with high returns, but it is critical to understand the risks and opportunities associated with this industry.
When investing in technology stocks, it is critical to consider various factors that may influence the stock’s performance, such as innovation, competition, and changing consumer preferences. Companies that can adapt and stay ahead of the curve in the technology industry can potentially benefit from growth and increased profitability as the industry evolves.
Overall, investing in technology stocks can provide a way for investors to potentially benefit from the industry’s growth and changing consumer behavior trends. Investors should be prepared for volatility and consider holding stocks for the long term because the technology industry is known for its high-risk and high-reward nature. Considering this, here are two blue-chip tech stocks for your stock market watchlist right now.
Tech Stocks To Buy [Or Avoid] Now
- Meta Platforms Inc. (NASDAQ: META)
- Amazon.com Inc. (NASDAQ: AMZN)
Meta Platforms (META Stock)
First up, Meta Platforms Inc. (META), formerly known as Facebook, is a leading social media and technology company that operates a variety of platforms, including Facebook, Instagram, WhatsApp, and Oculus. With a large global user base and a focus on innovation and connectivity.
At the beginning of February, Meta Platforms reported its 4th quarter 2022 financial results. Diving in, the company reported an EPS of $3.00, along with revenue of $32.2 billion. For context, Wall Street’s consensus estimates were earnings of $2.12 per share and revenue of $31.8 billion. Additionally, the company also said it estimates 1st quarter 2023 revenue in the range of $26.0 billion to $28.5 billion.
Year-to-date shares of META stock have increased by 50.67% so far. Meanwhile, during Monday afternoon’s trading session, META stock is trading up 1.45% on the day at $187.93 a share.
[Read More] 2 Consumer Stocks To Watch After Reporting Earnings
Amazon (AMZN Stock)
Next, Amazon.com Inc. (AMZN) is a global e-commerce giant that provides a wide range of products and services to customers worldwide. For context, Amazon is one of the largest online retailers in the world.
Also last month, Amazon released its Q4 2022 financial results. In detail, the company posted earnings of $0.21 per share, with revenue of $149.2 billion. This is better-than-analysts’ estimate which was earnings of $0.15 per share, along with revenue of $145.4 billion. Moreover, Amazon also reported that it expects Q1 2023 revenue in the range of $121.0 billion to $126.0 billion.
Since the start of the year, Amazon stock has increased by 12.09% year-to-date. While during Friday’s early afternoon trading session, shares of AMZN stock are trading higher on the day by 1.36% at $96.19 a share.
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