doesn't quite fall into this category—though the lockdown did fuel demand for at-home entertainment—but it still helped buoy the tech hardware industry as its largest market cap behemoth. All of these companies outpaced the Nasdaq . Let’s take a closer look.When looking at the tech sector in light of the COVID-19 economy, you almost have to view it from a sub-industry level, namely, specific products that might have helped people and businesses get through the last pandemic lockdown phase.
Video-conferencing company ZM is a relative newcomer and software’s shining star as its year-to-date share performance is about 300%—outperforming most other stocks in the same category. ZM’s Q1 report in June showed a major earnings beat and growth of 169% year over year, according to ZM's press release. The company also made a significant increase to its fiscal year guidance, nearly doubling it.
And while CRM’s revenue grew 30% year over year, slightly beating third-party analyst estimates in its last reporting period in May, its guidance for Q2 was softer than most analysts had expected. Despite CRM’s soft guidance, and initial slide post earnings, its shares have risen over 18% from its post-earnings low.
That might not mean much if you look at the sustained demand for Mac computers, iPads, the next cycle of iPhones , and coming 5G cycle—all of which, according to CFRA analysts, may be enough to support AAPL sales through a COVID-driven slump, which they see as “largely transitory.”
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