- Digital space has managed to grow at a fast pace despite COVID-19 induced challenges.
- These businesses may end up becoming much larger if things stabilise steadily over time.
- CTT and DOC are two such fast-growing tech stocks that can be considered by investors.
There are not many stocks on the ASX that have witnessed strong growth despite the ongoing challenges posed by COVID-19. The restrictions induced in the wake of the pandemic have curtailed the revenues of majority of sectors. However, the digital segment has managed to deliver decent returns to shareholders with tech stocks achieving strong revenue growth in the past few months. According to experts, these businesses may end up becoming much larger if things stabilise steadily over time.
On this note, let’s discuss two fast-growing ASX-listed tech shares which can be looked at in January:
Cettire Ltd (ASX:CTT)
Cettire is a global online luxury goods retailer, operating through its website cettire.com. It uses its proprietary platform to retail shoes, bags, apparel, and accessories of globally leading luxury brands. In the past year, the stock’s return stands at over 468%. The stock has given a negative year-to-date (YTD) return of nearly 12%.
The company has witnesses strong growth in the past few months on account of more customers shifting to online shopping amid COVID-19 pandemic and growth in the e-commerce market.
The sales revenue of the company surged by 172% year on year in the first four months of FY22 to 31 October 2021. Furthermore, the orders rose by 209% and active customers soared by 220%.
The company is also looking forward to boosting its total addressable market, by exploring new adjacencies, including the children’s wear segment.
Source: © Kiosea39 | Megapixl.com
Doctor Care Anywhere (ASX:DOC)
Doctor Care Anywhere offers a technology platform and team of clinicians, engaged in providing virtual GP consultations, diagnostic referrals, and specialist reviews across critical clinical specialties. In the past year, the stock’s return has dropped 60%. The stock has given a negative year-to-date (YTD) return of over 8%.
The company reported a quarter-on-quarter revenue growth of 21.6% in the three months to September 2021. The revenue growth was boosted by 30.6% growth of consultations to 116,800.
The company also acquired tele-health and tele-mental provider GP2U Telehealth, giving itself a geographic earnings diversification and another avenue for growth. Excluding the impact of the acquisition, the company expects the FY21 revenue to grow by at least 100%.
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