Highlights
- The technology sector went through multiple massive selloffs in 2021. In 2022 too, many tech stocks continued to take a beating amid the increasing omicron spread.
- In Canada, the S&P/TSX Capped Information Technology Index is down by over eight per cent this year, although it did climb by about a per cent on Tuesday, January 11.
- Stocks of BlackBerry Limited rose by over three per cent to close at C$ 11.56 apiece on Tuesday. The tech stock has delivered a one-year return of roughly 19 per cent.
The technology sector went through multiple massive selloffs in 2021. In 2022 too, many tech stocks continued to take a beating amid the increasing omicron spread.
In Canada, the S&P/TSX Capped Information Technology Index is down by over eight per cent this year, although it did climb by about a per cent on Tuesday, January 11.
Let us discuss two TSX-listed tech stocks which are currently up – BlackBerry (TSX: BB) & Lightspeed Commerce (TSX: LSPD).
BlackBerry Limited (TSX: BB)
Stocks of BlackBerry Limited rose by over three per cent to close at C$ 11.56 apiece on Tuesday. The tech stock has delivered a one-year return of roughly 19 per cent.
The Waterloo, Ontario-headquartered tech provider posted consolidated revenue of US$ 184 million in the third quarter of fiscal 2021. It had a net cash position of US$ 407 million in the latest quarter.
On January 5, BlackBerry announced a strategic collaboration with Chinese tech company PATEO to provide digital cockpit solutions integrated with BlackBerry IVYTM to explore new opportunities in China's market.
Also read: Cineplex (CGX) & Cogeco (CCA): 2 trending communication stocks to buy
Lightspeed Commerce Inc (TSX: LSPD)
Lightspeed Commerce attracted investor attention on Tuesday following the announcement that it has acquired an education-focused analytics company called CatchOn to strategically expand its digital learning product offerings.
Lightspeed scrips rose by over five per cent on Tuesday to close at C$ 48.2 apiece.
In December 2021, Lightspeed Commerce launched NuORDER to improve the buying process and ordering experience for grassroots retailers.
The omnichannel based Software-as-a-Service (SaaS) platform generated total revenue of US$ 133.2 million in the second quarter of fiscal2022, which denoted a year-over-year (YoY) surge of 193 per cent.
Subscription revenue, in the latest quarter, jumped by 132 per cent YoY to US$ 59.4 million. Its transaction-based revenue reached US$ 65 million in Q2 FY2022, up by 320 per cent YoY.
Image source: ©2022 Kalkine Media®
Also read: Suncor (TSX:SU) & TC Energy (TSX:TRP): 2 oil & gas stocks to buy now
Bottom line
The importance of the technology sector cannot be overlooked as it powers the world economy with new tech innovations. However, while investing in tech stocks, investors should be realistic about the essential aspects, such as a company's financials and outlook, to make significant gains in the future.
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