The ASX share market continues to be very volatile. But today, the volatility is actually sending prices higher. ASX tech shares in particular are seeing some rocketing gains.
It has been a difficult time to be a shareholder of many of the ASX's most well-known tech names.
The market has been focused on what the effects of strong inflation could have on interest rates and what this might mean for asset prices.
But some ASX tech shares have come soaring back today, recovering some of that lost ground.
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Xero Limited (ASX: XRO)
The Xero share price is up more than 5% today.
On 24 February 2022, the Xero share price had fallen 34% from the start of the year. But since that low, Xero shares have risen by 6%.
But, the cloud accounting software provider is still down around 32% in 2022.
In the company's FY22 half-year result for the six months to 30 September 2021, its total subscribers increased by 23% to 3 million. The annualised monthly recurring revenue (AMRR) grew by 29% to $1.13 billion. Xero's gross profit margin also increased by 1.4 percentage points to 87.1%.
Block Inc CDI (ASX: SQ2)
The Block share price is currently up more than 13% at the time of writing.
The ASX tech share was recently listed on the ASX. But between 20 January 2022 and 24 February 2022 it fell by 34.3%. But since that low, it has soared 51%.
Block is one of the world's largest payment businesses. The business owns both Square and Afterpay.
Block recently announced its fourth quarter and full-year result to investors, which didn't yet include Afterpay in the numbers. Block's gross profit rose 62% year on year to $4.42 billion. It also made $1 billion of adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). This result was released on 25 February 2022.
SEEK Limited (ASX: SEK)
The SEEK share price is up by more than 5% today.
Despite the rise today, SEEK shares are still down 17% since the start of the year.
A couple of weeks ago the business announced its half-year result. Continuing operations rose 59%, EBITDA jumped 83% and the net profit after tax (NPAT), excluding significant items, surged 147% to $124.2 million.
