3 Wealth Building Internet Stocks to Buy as 2024 Approaches
Investing in internet-driven companies has been one of the golden eggs of producing wealth since the dot-com bubble which produced several of the world’s wealthiest people.
Microsoft MSFT and its founder Bill Gates are usually the first to come to mind but more importantly, there are a number of companies that continue to expand from the internet. Going from an estimated 300 million users worldwide in 2000 to over 5 billion today here are three stocks to buy as the internet’s storied growth continues.
Amazon AMZN: Perhaps the most important thing the internet has done is connect people and not many companies have done that better than Amazon through its e-commerce services and cloud computing platform AWS.
Amazon’s growth was fueled by the dot-com bubble with founder Jeff Bezos one of the world’s wealthiest as well. Investors have also been able to capitalize on Amazon’s success with AMZN shares soaring +75% year to date and now up +642% over the last decade. Forecast of high double-digit EPS growth in fiscal 2023 and FY24 remains compelling and total sales are now projected to be up 11% this year and jump another 11% in FY24 to $637.05 billion.
Image Source: Zacks Investment Research
CrowdStrike CRWD: Founded in 2011, CrowdStrike has been one of the fastest-growing internet companies as a next-generation provider of cyber attack response services.
Co-founders George Kurtz and Dmitri Alperovitch are billionaires and investors have been rewarded as CrowdStrike’s stock has skyrocketed +146% in 2023 and is now up +347% since the company went public in 2019. High double-digit top and bottom-line growth continues to be the catalyst as total sales are now anticipated to soar 36% in FY23 and leap another 28% next year to $3.91 billion.
Image Source: Zacks Investment Research
NetEase (NTES): One Chinese internet company that was a winner during the dot-com era after going public in 2000 was NetEase. This has continued with its engagement in the development of applications, services, and other technologies for the Internet in China.
In fact, NetEase’s founder Ding Lei became China’s first internet and gaming billionaire and early investors would have seen gains of over +33,000%. Fast forward to 2023 and NetEase’s stock has risen +40% YTD and has climbed +592% in the last 10 years. NetEase’s sales are projected to be up 1% in FY23 and then jump 11% in FY24 to $16.17 billion. More intriguing is NetEase’s profitability with annual earnings expected to expand 44% in FY23 to $7.26 per share compared to $5.02 a share last year. Plus, FY24 EPS is expected to rise another 8%.
Image Source: Zacks Investment Research
Bottom Line
With broader markets taking off in 2023 investors will be looking for stocks that can keep up with expectations and these internet-driven companies continue to have the narrative to do so. To that point, Amazon, CrowdStrike, and NetEase’s stock look like very viable investments for 2023 and beyond.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s credited with a “watershed medical breakthrough” and is developing a bustling pipeline of other projects that could make a world of difference for patients suffering from diseases involving the liver, lungs, and blood. This is a timely investment that you can catch while it emerges from its bear market lows.
It could rival or surpass other recent Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock And 4 Runners Up
Amazon.com, Inc. (AMZN) : Free Stock Analysis Report
NetEase, Inc. (NTES) : Free Stock Analysis Report
Microsoft Corporation (MSFT) : Free Stock Analysis Report
CrowdStrike (CRWD) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Original: AMZN Feed: 3 Wealth Building Internet Stocks to Buy as 2024 Approaches