So far this year, the S&P 500 information technology sector has risen 10%, providing some comfort to investors following a 29% decline in 2022. Then again, the depressing new focus on cost-cutting, including a painful round of layoffs, means it might benefit investors to see which companies were already improving their profit margins while still growing sales during their most recent reported quarters.
Before showing the results of the screen, we need to define what a “tech stock” is, because the benchmark index’s sectors, as defined by S&P Dow Jones Indices, don’t necessarily match investors’ perceptions. Among the seven companies in the FAANG+ group, only Apple and Microsoft are in the information technology sector. Amazon and Tesla are in the consumer discretionary sector, while Meta, Alphabet and Netflix are in the communications services sector.
FAANG+ Screen Before showing the results of the full screen, let’s begin with the FAANG+ group. Here they are, ranked by how much their sales increased during their most recent reported quarters from a year earlier:
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