Kalkine Media -
Highlights
- Companies that revolve around information technology are called tech stocks.
- Docebo (TSX:DCBO), a SaaS provider, generated a gross profit of about US$ 30 million in Q3’22.
- Open Text Corporation’s revenue for Q1’23 reached a new high of C$ 852 million.
As a rapidly increasing market with several subsectors, tech companies are currently concentrating on concluding ways to combine recent scientific findings with product thinking and develop unique solutions for persistent consumer needs.
However, both low-tech and high-tech equities are always looking for new investors. So, if you are thinking of entering the Canadian technology stocks market or are already a part of it, let’s glance at two TSX tech stocks and their financial performances over the past year:
Docebo Inc . (TSX: DCBO) Operating as a cloud-based learning platform, Docebo Inc. holds its presence globally, including regions like Europe, Asia, and North America. Software-as-a-Service applications (SaaS) and professional services revenue are the primary sources of income for the company.
The company’s total market capitalization is about C$ 1.55 billion, and its return on equity (ROE) was 2.19 per cent at the time of writing. Since the last 30 days, the DCBO stock was up 3.8 per cent.
Docebo mentioned improving its revenue to US$ 37 million, up 37 per cent year-over-year (YoY). The company’s gross profit and net income for Q3’22 were US$ 29.8 million and US$ 10.3 million, respectively. Docebo’s business highlights for the third quarter of 2022 are summarized below:
Image Source: © 2023 Krish Capital Pty. Ltd.
Open Text Corporation (TSX: OTEX) Open Text Corporation, as a software provider, allows its global clients, such as SMBs, governments, and consumers, to archive, aggregate, retrieve and search unstructured data.
The company is headquartered in Ontario, Canada and has a total market cap of C$ 11.15 billion, with a 3-year dividend growth rate of 9.60 per cent. The OTEX stock gained 9.36 per cent in a month.
The company recently shared its first quarter financial results for 2023, according to which Open Text’s total Q1 revenue was C$ 852 million, up from C$ 832.3 million in Q1 2022.
Notably, the revenue from cloud services and subscriptions amounted C$ 404.7 million in Q1 2023, up 13.5 per cent YoY. Meanwhile, the company posted a GAAP-based net loss of C$ 116.9 million compared to a net income of C$ 131.9 million. The company is also looking to acquire Micro Focus International plc, a multinational software company.
Bottom Line Investing in 2023 might be difficult due to rising inflation and recession warnings in the past year. Investors are now being cautious about putting money in a stock market that remained extremely volatile throughout the past year. So, before choosing to invest in any of the stocks, always conduct a thorough market study.
Please note, the above content constitutes a very preliminary observation based on the industry and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.