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Technology Stocks
Intuit Bets Big on AI
Cloud-based accounting and tax preparation software giant Intuit (NASDAQ: INTU) recently announced its third quarter earnings. The global pandemic has hurt the smaller businesses most and with the US tax deadline being extended, the company’s revenues were hurt. But it still managed to surpass market expectations.
>>>Spotify Soars on Podcast Acquisitions
According to the Interactive Advertising Bureau, the global podcast industry is estimated to grow from $479.1 million in 2018 to over $1 billion by 2021. Online music streaming service Spotify (NYSE: SPOT) is already cashing in on this growth.
>>>Cloud Stocks: Palo Alto Networks Continues to Acquire
The increase in work-from-home requirements of organizations has led to a surge in demand for cyber security services. Palo Alto Networks (NYSE:PANW) is witnessing the results of this growth as was evident in its recent result announcement.
>>>Cloud Stocks: Alteryx Bounces Back Despite Low Outlook
Data science and analytics platform provider Alteryx (NYSE: AYX) early this month reported a strong quarter with revenue growth of 43%, but it swung to a loss and missed analyst earnings estimates. The company also experienced a sudden and significant change in customer behavior in March due to the COVID-19 situation. As a result, its quarterly outlook was disappointing, and its stock slid before recovering to pre-earnings levels.
>>>Cloud Stocks: Zendesk Struggling Amidst the Downturn
Not all cloud computing stocks have fared well in the current crisis and those serving the SMB segment are seeing a much bigger impact. Zendesk (NYSE: ZEN) recently announced its quarterly results that failed to impress the market with its outlook.
>>>Cloud Stocks: Qualys Expands Cloud Offerings to Soar to New Highs
With organizations shifting to remote working, cloud services security providers like Qualys (Nasdaq: QLYS) are seeing strong performance. The company recently reported its first quarter results that surpassed market expectations. It did provide a weak outlook due to the current conditions, but the market is hopeful of its product lineup and helped the stock climb to its year-high levels this week.
>>>Cloudflare Soaring Amidst the Crisis
The global pandemic may have hurt several companies, but most cloud-based companies are soaring. Website infrastructure and security company Cloudflare (NYSE: NET) is one such company. Its stock has climbed nearly 90% since its IPO in September last year. As more and more companies migrate to remote working options, they are turning to companies like Cloudflare to offer services such as firewalls, network routing, and traffic management.
>>>Cloud Stocks: GoDaddy Continues to Acquire
The global internet domain name provider GoDaddy (NYSE: GDDY) recently reported its first quarter results that surpassed market expectations. The company’s results sent the stock climbing 6% in the after-hours session.
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