The tech-heavy Nasdaq Composite has outperformed the S&P 500 and the Dow Jones Industrial Average by a wide margin in 2023.
Looking for more actionable trade ideas to navigate the current market volatility? Members of InvestingPro get exclusive ideas and guidance to navigate any climate.The ongoing tech rally has been fueled by investor optimism that the Federal Reserve’s rate-hike cycle is all but over, even though the central bank left the door open for more.
“Companies across industries in the United States are scrambling to deploy software platforms that will allow them to leverage the power of the latest large language models,” Karp wrote in the letter. “And we have built what they need.” Revenue rose 11.4% annually to $763.2 million, compared with the Wall Street consensus estimate for sales of $744 million.
“Our users are engaging deeply and we’re delivering better results for advertisers through improved measurement and innovation across the full funnel,” CEO Bill Ready said in the earnings release.PINS stock broke out to a fresh 52-week high of $31.23 on Thursday, a level not seen since January 2022, before closing the day at $30.71. At its current valuation, Pinterest has a market cap of about $21 billion.
For the fourth quarter, Roku forecast revenue of about $955 million, topping the $952 million expected by Wall Street. It also projected $10 million in adjusted earnings before interest, taxes, depreciation, and amortization.
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