Do You Have These Top Communication Stocks On Your Watchlist Right Now?

Communication stocks have seen their fair share of ups and downs in the

stock market

over the past year. The sector is no longer limited to telecommunication companies such as

Verizon

(

NYSE: VZ

) and

AT&T

(

NYSE: T

). Now, it includes social media companies, streaming companies, and even companies that produce movies and television shows.

Yesterday, the industry was rocked by a gloomy forecast by

Snap

(

NYSE: SNAP

). The company expects to miss its quarterly revenue targets and claims that it will slow hiring this year. According to a filing on Monday, the company believes that economic conditions have

“deteriorated further and faster than anticipated.”

As expected, many investors reacted negatively to the news, and SNAP stock is down by over 30% on today’s opening bell.

In light of this, sentiment surrounding other

social media stocks

that include

Pinterest

(

NYSE: PINS

),

Twitter

(

NYSE: TWTR

), and Meta Platforms were also negatively affected. With that being said, investors may want to focus on the long-term prospects of these modern communication stocks. If you believe that they will likely maintain their relevance in the foreseeable future, could this be a buy-on dip opportunity? In any case, let’s take a look at three of the top

communication stocks

worth paying attention to in the stock market today.

Communication Stocks To Watch Today

• 
  Zoom Video Communications Inc
  
  (
  
  NASDAQ: ZM
  
  )
• 
  T-Mobile US Inc
  
  (
  
  NASDAQ: TMUS
  
  )
• 
  Meta Platforms Inc
  
  (
  
  NASDAQ: FB
  
  )

Zoom Video Communications

Before the coronavirus pandemic, many would not be aware of what

Zoom Video Communications

had to offer. This is a company that provides a video communication platform that connects people throughout the world. Whether it is through video, phone, chat, or webinars, the company’s platform enables experiences across disparate devices and locations. Even though ZM stock has declined by about 50% this year, the stock appears to be gaining traction in the stock market today.

Well, this came after the company’s first-quarter earnings report yesterday which exceeded analysts’ expectations. Its total revenue for the quarter was $1.07 billion, an increase of 12% year-over-year. This is due to the ongoing success in Enterprise, Zoom Rooms, and Zoom Phone, which reached 3 million seats for the quarter. Also in the earnings report, Zoom is currently anticipating revenue of between $1.115 billion to $1.12 billion for the current quarter. This would translate to year-over-year growth of about 9.2% on the lower end. As a result, the company is raising its full-year fiscal 2023 guidance.

Investors should also note that Zoom recently entered into a definitive agreement to acquire Solvvy. For the uninitiated, Solvvy is a leading conversational AI automation platform for customer support. With this new addition, both companies can offer elevated customer service experiences to a global enterprise base. Also, Zoom will likely capitalize on new opportunities in contact center and customer support. Given these exciting developments, would you consider banking on the future of ZM stock?

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T-Mobile

Another top name in the industry today is

T-Mobile

. Put simply, this is a company that delivers an advanced 4G LTE and transformative nationwide 5G network that offers reliable connectivity. Besides that, it also offers a selection of wireless devices that includes handsets, tablets, and various mobile accessories. Thus, the company’s customers can benefit from its combination of value and quality. TMUS stock has risen more than 12% since the start of the year, despite the weakness in the broader market.

Yesterday, T-Mobile announced several new developments that may spark positive sentiments around the company’s future. Firstly, the company announced that it will leverage

Ericsson

’s (

NASDAQ: ERIC

) industry-leading RAN and Core equipment to power its 5G Advanced Network Solutions (5G ANS). This is a suite of supercharged 5G network options for enterprise and government customers. With it, customers can have the flexibility to choose the level of performance they need to unlock the power of 5G.

Besides that, the company and

Dell

(

NYSE: DELL

) will also be joining forces to further develop the 5G ANS. So, T-Mobile will bring the power of 5G connectivity combined with Dell’s edge computing technologies to any location. Now, this means that enterprises will have access to superfast speed,ultra-low latency, and the control they need to handle new applications. In addition, there will be more ways for businesses to increase revenue, and lower costs while providing exciting new customer experiences. All things considered, could TMUS stock continue its momentum for the remainder of 2022?

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Meta Platforms

Last but not least, we will be looking at one of the largest social media and modern communication companies,

Meta Platforms

. In detail, the company operates through two segments, Family of Apps (FoA) and Reality Labs. As the name suggests, the FoA segment includes Facebook, Instagram, Messenger, WhatsApp, and other services. Meanwhile, the Reality Labs segment is currently working on progressing augmented and virtual reality-related consumer hardware, software, and other content. Now, like many other social media stocks, FB stock has been under pressure this year. It has fallen more than 40% year-to-date.

Looking at its fundamentals, Meta has made progress across many key priorities during its first quarter. It racked in total revenue of $27.9 billion, representing an increase of 7% year-over-year. Meanwhile, the company continues to grow its daily and monthly active users, both rising by 4% and 3% respectively compared to the same period last year. Although some may think the growth is modest, it still means that more and more people use Meta’s services today than ever before. That may be quite a feat for a company of this magnitude.

Furthermore, Meta appears to recognize the increasing importance of renewable energy in the future. Earlier this month, Meta announced a collaboration with Liberty, a part of

Algonquin Power & Utilities

(

NYSE: AQN

), on the new 112 MW Deerfield II wind project in Michigan. Hence, this will help Meta continue to support its operations with renewable energy. Meanwhile, the project will also contribute to Liberty’s ESG goals. Considering all these, would you be keeping a close tab on FB stock right now?

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