HomeMost PopularInvesting3 Technology Services Stocks with Strong Quarterly Results: A Promising Investment Opportunity

3 Technology Services Stocks with Strong Quarterly Results: A Promising Investment Opportunity

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As the Zacks Business Services sector continues to shine in this earnings season, the Zacks Technology Services Industry has particularly garnered attention. With the ongoing digital transformation, three top-rated stocks from the Zacks Technology Services Industry have delivered impressive quarterly results. These companies present a compelling investment opportunity for those looking to capitalize on the technology and digitalization trends.

AppLovin (APP)

AppLovin, currently holding a Zacks Rank #2 (Buy), has seen its stock price surge by a remarkable +278% in 2023. The company provides a technology platform for developers to publish apps. In the third quarter, AppLovin exceeded expectations with earnings of $0.30 per share, exhibiting an 11% beat and substantial growth from the prior-year quarter. Moreover, the company’s sales of $864.26 million surpassed estimates by 9% and demonstrated a 21% increase from Q3 2022.

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LiveRamp (RAMP)

LiveRamp, also holding a Zacks Rank #2 (Buy), witnessed a significant upswing in its stock following its fiscal second quarter results. The company, specialized in providing marketing technology and online marketing services, reported earnings of $0.43 per share, surpassing estimates by 59%. Impressively, this represented a 95% surge from the prior year quarter. Additionally, LiveRamp’s sales of $159.87 million exceeded expectations by 5% and exhibited an 8% year-over-year growth.

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Duolingo (DUOL)

Duolingo, with a Zacks Rank #1 (Strong Buy), emerged as a standout performer with its favorable Q3 results. The company offers a mobile language learning platform that has experienced a surge in popularity. Notably, Duolingo achieved a surprise earnings profit of $0.06 per share, surpassing estimates that projected an adjusted loss. Furthermore, the company’s quarterly sales of $137.62 million exceeded expectations by 5% and demonstrated an 8% increase from the previous year.

Zacks Investment Research

Image Source: Zacks Investment Research

What Lies Ahead

These technology services companies have demonstrated robust growth with their impressive quarterly results, cementing their positions as compelling investment opportunities. Considering the upward trajectory of AppLovin, LiveRamp, and Duolingo, now might be an opportune moment to explore investment prospects within these promising firms.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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