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Top 3 tech stocks to buy when market crashes

Buying shares of large companies, market participants expect to receive additional income. Many traders prefer to purchase securities when their value is decreasing, as they consider such deals to be the most profitable. Experts recommend adopting this strategy to buy the shares of several tech companies as it can greatly benefit market players. Read about three such tech firms in our photo gallery 

Top 3 tech stocks to buy when market crashes

Cloudera

Cloudera is a California-based software company. Its shares skyrocketed by nearly 200% in early autumn. Cloudera’s net income per share for the previous quarter was $0.10. Its total revenue for the same quarter soared by 9% to $214.3 million. Experts suggested that such a jump in the company’s stock was the result of high demand for Cloudera services amid the COVID-19 pandemic. However, the surge was preceded by a serious decline. Total revenue from services spiked by 17% to $191.5 million while annual revenue grew by 12% to $739 million. This quarter, Cloudera intends to earn some $207-210 million, beating expectations of a $205.30 million rise.

Top 3 tech stocks to buy when market crashes

Fastly

Fastly is a cloud computing services provider. The company’s stock showed a record 487% spike in August. In the week following its second-quarter release, Fastly stock plunged by nearly 30% to $117.79. However, the recent correction was not able to shake investors’ confidence. This year, the company's revenue increased by almost 62% to $74.66 million. Fastly's services were in great demand since the number of remote-working people started growing. As a result, Fastly’s customer base increased by 114 to 1,951 people in the second quarter of 2020. The company's management even revised its revenue outlook for 2020 to $290–$300 million from the previous $280–$290 million.

Top 3 tech stocks to buy when market crashes

Cloudflare

In the first eight months of this year, shares of Cloudflare, an American web-infrastructure and website-security company, soared by 93%. However, in the weeks prior to the autumn, the company's stocks sank by 27% compared to August when Cloudflare’s income per share reached $45.28. The company's loss amounted to $0.03 per share, while revenue spiked by 48% to $99.72 million. During the COVID-19 pandemic, demand for cybersecurity services increased significantly. The number of Cloudflare's paying users climbed by 24% to 96,178. In the third quarter of this year, Cloudflare expects its revenue to surge by 39-40% up to $102.5-$103.5 million.

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