Aggressive interest rate hikes have caused a sell-off in tech stocks. The tech industry is expected to grow in the future due to the continued digital transformation. If you're interested in investing in tech, you may want to consider buying fundamentally strong stocks such as AudioCodes. Continue reading...
shutterstock.com - StockNews Since the beginning of the year, tech stocks have been hammered due to the Fed's interest rate hikes. The tech heavy index is in a bear market.
Tech stocks are likely to fall further as the Fed continues to raise rates. The key rate prediction for this year has been raised to 4% to 4.5% from the previous projection of 3% to 3.5%.
The tech industry is expected to grow significantly in the long run due to the growing reliance of businesses on tech solutions and rising corporate and government investments.
The adoption of cloud, artificial intelligence, virtual reality, the internet of things, data analytics, and increasing automation of business processes are expected to keep rising demand for tech goods and services. The global information technology market is expected to grow at a compound annual growth rate of 10.3% over the next five years.
We think it would be wise to invest in fundamentally strong tech stocks such as Cisco Systems, Inc., and AudioCodes, to take advantage of the industry's long term growth prospects.
Cisco Systems, Inc.
CSCO designs, manufactures, and sells internet protocol based networking and other products. The Americas, Europe, the Middle East, and Africa, and Asia Pacific, Japan, and China comprise the company's geographical segments.
On October 5, 2022, CSCO announced an expansion of its existing partnership with Microsoft to allow customers to sidestep the public internet. It is expected to add value by giving benefits.
CSCO had revenue of $51.55 billion for the fiscal year that ended in July. The company's non- GAAP net income increased over the course of the year. Its non- GAAP earnings per share increased by 4.3% year-over-year.
CSCO's earnings per share and revenue are expected to increase by 1.9% and 3.0% year-over-year to $8.4 and $13.28 billion, respectively, according to analysts. In each of the last four quarters, it exceeded Street estimates. The stock has declined over the past three months.
The B rating equates to a Buy in the POWR Ratings system. Each stock is assessed by 118 different factors, each with its own weight.
There is an A grade for quality. Out of 49 stocks in the Technology - Communication/Networking industry, it's ranked fifth. The other ratings of CSCO can be found here.
The company is named after the word "Oj."
NOK is a mobile, fixed, and cloud network solution provider. The company's segments are Mobile Network, Network Infrastructure, Cloud and Network Services.
The signing of a five-year 5G deal with ASTS was announced by NOK. The aim of the deal is to expand universal coverage and connect underserved communities. It is believed that this will be beneficial for the country.
Net sales for the second quarter increased by 10.5% over the same period in the previous year. The company had an operating profit of 564 million, an increase of 15% over the previous year. The company's net profit increased to 460 million. Its earnings per share rose to 0.08.
The earnings per share for the quarter that ended September 30, 2022, is expected to increase. The revenue for the quarter is expected to increase by 3.1%. In each of the last four quarters, it beat consensus estimates. The stock has declined over the past three months.
The strong fundamentals of the company are reflected in its ratings. A Buy rating is indicated by the stock's B rating.
There is an A grade for value. In the same industry, it's ranked ninth. Click here if you'd like to see the other ratings.
AudioCodes is part of the AudioCodes group of companies.
AUDC is a leader in voice networking and media processing solutions for the digital workplace. It offers solutions, products, and services for businesses.
The company announced that it had been approved as a partner for Microsoft. The Chief Business Officer at AudioCodes said that AudioCodes Live Cloud is the ideal solution for assisting service providers in speeding up operations.
AUDC had total revenues of $68.36 million for the second quarter of the year. The services revenue increased by 22%. The company's gross profit grew over the course of the year.
Analysts expect AUDC's revenue to increase in the third quarter. The company's earnings per share is expected to increase by 19.9% in the next fiscal year. The stock has lost more than 10% over the past month.
The strong fundamentals of AUDC are reflected in its ratings. A rating of A equates to a Strong Buy in our rating system.
There is an A grade for quality and a B for value, stability, and sentiment. It is first in the industry. The other ratings of AUDC can be found here.
CSCO shares were trading at a lower price on Tuesday. CSCO has declined since the beginning of the year compared to the S&P 500's rise.
Dipanjan was interested in the stock market as a child. He obtained a masters degree in finance and accounting. Dipanjan is interested in reading and analyzing emerging trends in financial markets.
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