Here are three tech stocks to check out in the stock market this week.
Tech stocks are shares of publicly traded companies that are involved in the technology sector. They can be found in a range of industries, including software, semiconductors, the internet, e-commerce, and computer hardware. Tech stocks have generally outperformed the wider market in recent years, as the global economy has become increasingly digital.
However, they can also be more volatile than other types of stock, as they are often driven by consumer demand and can be affected by changes in technology. As a result, investors need to carefully consider their individual risk appetite before investing in tech stocks. With that in mind, here are three top tech stocks to watch in the stock market this week.
Tech Stocks To Watch Right Now
- Microsoft Corporation (NASDAQ: MSFT)
- Roblox Corporation (NYSE: RBLX)
- Meta Platforms Inc. (NASDAQ: META)
1. Microsoft (MSFT Stock)
Kicking us off, Microsoft Corporation (MSFT) is a tech company that develops and sells computer software, consumer electronics, personal computers, and services. Its best-known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite of productivity software, the Xbox line of gaming consoles, and the Internet Explorer web browser.
MSFT Recent Stock News
In recent news, last month, Microsoft announced its 1st quarter 2023 financial and operating results. In the report, the company announced a Q1 2023 EPS of $2.35, along with revenue of $50.1 billion. Meanwhile, Wall Street’s consensus estimate for the first quarter of 2023, was earnings of $2.29 per share, and revenue of $50.1 billion. Moreover, the consumer tech behemoth also reported a 10.6% increase in revenue on a year-over-year basis.
Amy Hood, executive vice president and CFO of Microsoft commented, “This quarter Microsoft Cloud revenue was $25.7 billion, up 24% (up 31% in constant currency) year-over-year. We continue to see healthy demand across our commercial businesses including another quarter of solid bookings as we deliver compelling value for customers.“
MSFT Stock Chart
Looking at the last five trading days, shares of Microsoft stock have started to recover by 11.32% as of Friday’s closing bell. Meanwhile, MSFT stock is set to open this week’s trading action at $247.11 a share.
Source: TD Ameritrade TOS
2. Roblox (RBLX Stock)
Next, Roblox Corporation (RBLX) is an American technology company that develops social video games and Roblox, a virtual world platform. In detail, the company’s game platform allows players to create and share their own games.
RBLX Recent Stock News
Just last week, Roblox Corporation reported a miss for its third-quarter 2022 financial results. Diving in, the company reported a loss of $0.50 per share and revenue of $517.7 million for Q3 2022. For context, the analysts’ consensus estimates, were a loss of $0.36 per share and revenue estimates of $694.9 million. However, the company reported its average daily active users (DAUs) was 58.8 million, reflecting a 24% increase year-over-year.
David Baszucki, Chief Executive Officer of Roblox, commented, “We are delivering strong growth across our core operating metrics, powered by a growing developer community creating high-quality experiences that appeal to a broad, global audience. We are creating innovative technologies to enable deeper forms of immersion, communication, and expression to further enhance the value of the platform.“
RBLX Stock Chart
Over the last 6 months of trading action, shares of Roblox stock have rebounded 11.43%. Aside from that, RBLX stock closed Friday’s trading session up 8.89% and will open Monday’s trading session at around $36.74 a share.
Source: TD Ameritrade TOS
3. Meta Platforms (META Stock)
Lastly, Meta Platforms Inc (META) formerly Facebook is an American technology company. In short, the company builds technologies that help people connect, find communities, and grow businesses. Additionally, Meta Platforms offers a variety of products and services, including Facebook, WhatsApp, Instagram, Messenger, and more.
META Recent Stock News
At the end of October, Meta Platforms reported weaker-than-expected third-quarter 2022 financial results. Diving in, the company reported Q3 2022 earnings of $1.64 per share and revenue of $27.7 billion for the quarter. Also, the company said in its letter to shareholders that its’ projected fourth-quarter 2023 revenue is between $30 and $32.5 billion.
Mark Zuckerberg, Meta founder, and CEO. “While we face near-term challenges on revenue, the fundamentals are there for a return to stronger revenue growth. We’re approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company.”
META Stock Chart
Over the last five trading days, shares of META stock have started to bounce by 19.09%. As of Friday’s end of the day, META stock closed up 1.03% on the day. Meanwhile, Meta stock is set to open Monday morning’s trading session at $113.02 a share.
Source: TD Ameritrade TOS
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Originally Posted November 13, 2022 – Stocks Watch Now? 3 Tech Stocks To Watch This Week
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