FX.co ★ Top 3 tech stocks to buy when market crashes
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.
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.
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.
