While a large number of companies are being negatively impacted by the coronavirus pandemic and are likely to record sales declines in the second half, some companies have been able to continue their growth trajectories.
Three tech shares which have just reported solid growth during the third quarter are listed below. Here’s what you need to know:
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price has jumped 13.5% higher to 67.5 cents on Tuesday. This AI-powered sales enablement automation platform provider has continued its strong form in the third quarter. This morning it revealed that it recorded a 178% increase in customer cash receipts to $14.9 million during the period. Pleasingly, this means that Bigtincan remains on track to achieve its guidance in FY 2020. Management has reaffirmed its 30-40% organic revenue growth target, with stable retention. The company also revealed that existing customers Nike and AT&T have expanded their usage of its platform during the quarter.
MNF Group Ltd (ASX: MNF)
The MNF share price is up over 3% to $4.85 in early trade. This morning the telecommunications and unified communication technologies provider revealed that the coronavirus pandemic is creating greater demand for voice and collaboration technology. This is because as work and school continues from home, the demand for information and connectivity through technology increases. MNF continues to experience strong demand for its core products and is also seeing a significant increase in usage. The company’s Express Virtual Meetings service, for example, saw conferencing minutes in March jump 186% from the prior month. As a result, the company has reaffirmed its guidance for EBITDA in the range of $36 million to $39 million for FY 2020. This represents 32% to 43.4% year on year growth.
Redbubble Ltd (ASX: RBL)
The Redbubble share price has rocketed 20% higher to 97 cents today after the ecommerce company revealed that its operations have performed strongly during the pandemic. This morning Redbubble advised that its Marketplace revenue was now $246 million year to date, up 25% on the prior corresponding period. Furthermore, this positive performance has continued into April. Management advised that its business model has shown resilience during the global pandemic and has benefited from consumers’ moving to online shopping. It also feels that its price point and unique offering is proving attractive to customers who are at home. However, due to the uncertainty caused by the pandemic, the company has refrained from providing any guidance at this stage.
These 3 stocks could be the next big movers in 2020
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of MNF Group Limited. The Motley Fool Australia owns shares of and has recommended BIGTINCAN FPO. The Motley Fool Australia has recommended MNF Group Limited and REDBUBBLE FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.