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Highlights
- Meta (NASDAQ: FB, FB:US) saw its stock crumble by almost 23 per cent in after-trading hours on Wednesday, February 2.
- The decline came after the California-based tech giant reported a decline of about eight per cent year-over-year (YoY) in its fourth fiscal quarter profits.
- While some investors seem to be inching away from the Mark Zuckerberg company, they could explore other tech-focused enterprises that have been performing well.
Meta (NASDAQ: FB, FB:US) saw its stock crumble by almost 23 per cent in after-trading hours on Wednesday, February 2. The decline came after the California-based tech giant reported a decline of about eight per cent year-over-year (YoY) in its fourth fiscal quarter profits.
While some investors seem to be inching away from the Mark Zuckerberg company, they could explore other tech-focused enterprises that have been performing well.
Here are two TSX alternatives to look at.
1. Converge Technology Solutions (TSX: CTS)
Converge Technologies Solutions saw its top line gallop by 93 per cent YoY to C$ 367.3 million in its latest quarter.
The Canadian hybrid IT infrastructure firm also earned an increased net income of C$ 4.59 million in Q3 FY2021, which was substantially up from C$ 0.69 million a year ago.
The C$ 2-billion market cap tech firm, which has a price-to-earnings (P/E) ratio of 173.80, saw its stock soar by over 70 per cent YoY.
Converge stock closed at C$ 10.03 apiece on Wednesday.
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2. Celestica Inc (TSX: CLS)
Celestica Inc recorded C$ 1.5 billion in revenues in Q4 FY2021, which was up by nine per cent YoY.
The Toronto-based software company expects its 2022 revenue to grow at least C$ 6.3 billion.
The technology company also anticipated its 2022 operating margin to be between four per cent to five per cent.
Also read: ATS Automation's (ATA) Q3 profit soars 23%. An industrial stock to buy?
Stocks of Celestica rose by almost 63 per cent in the past nine months.
The software stock closed at C$ 16.05 apiece on Wednesday.
Bottomline
Many tech stocks have been under pressure recently considering the uncertainty surrounding interest rate hikes. However, some technology players in Canada seem to have performed well amid the tech selloff and also show growth prospects.
Investors should, nonetheless, move to investment decisions post thorough research.
Also read: Resolute (RFP) & Western Forests (WFP): 2 lumber stocks to buy
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Kajal Jain - Analyst618 PostsKajal is a commerce graduate with expertise in the financial corporate sector. At Kalkine, she writes on Canadian equities and markets. In her free time, she enjoys music and gardening and likes to travel....
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Shreya Biswas - Multimedia Journalist408 PostsShreya Biswas is a multimedia journalist with a degree from the Asian College of Journalism. Previously a literature student-turned-political reporter, she now writes on market trends at Kalkine Media. When not chasing deadlines, she enjoys bloggin...