As far investment sectors are concerned, the tech sector has almost always been the favorite of a majority of investors and the reasons are manifold. One of the bigger reasons is that technology is evolving very quickly. Companies which can come up with innovative solutions stand to grow quicker than stock in most other sectors.
Therefore, investors need to keep an eye on the myriad tech stocks. What will be the next big opportunity? Here is a look at two tech stocks which made moves in the first half of the year.
Twillo Stock Price Up 53%
One of the biggest tech stock movers in the first half of 2019 has been the cloud communication platform Twillo (TWLO). Twillo stock price has surged by 53% so far. However, in this regard, it is important to add that the company had been growing steadily for more than a year. Its stock performance is a reflection on the Twillo’s consistency.
Despite lower business volume from one of its biggest clients, Uber, the company managed to grow revenue by 81% year on year in Q1 2019. This equated to $233 million. It should also be noted that despite key acquisitions, Twillo’s organic growth rose by 60% year on year.
Moreover, the company also raised its projections for the revenue for 2019 to a range between $1.102 billion and $1.111 billion. The previous projection was between $1.065 billion and $1.077 billion. The earnings per share projection has also been raised from $.08 to $.11 to $0.11 to $.13.
Adobe Stock Price Up 30%
Another big-ticket tech stock moving in the first half of 2019 is Adobe (ADBE). Adobe stock price went up by as much as 30% during the period. Two back to back record breaking quarterly reports propelled the software company’s stock.
Additionally, it’s believed that its cloud-based subscription products also played a big role in the surge. During the previous quarter, Adobe’s revenues grew 25% year on year to hit $2.744 billion. The adjusted profits came in at $900 million, which reflected earnings per share of $1.83.
The performance overshadowed the company’s own projections of earnings per share of $1.77. Recurring revenues contributed 91% and although the company has not provided its guidance for the years, experts believe that its streak is going to continue.
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