3. Switch4 Pay Technically, Shift4Payments didn't expand 30% in 2023. Its 29% top-line growth was insufficient. However, its fourth-quarter revenue was up 31% and it's predicting for over 30% growth in 2024, so I'll forgive it.
Despite its growth and profitability, Shift4Payments is often forgotten in fintech. The organization wants to win big venues like Yankee Stadium and Cirque du Soleil, unlike its competitors. Due to these high-quality consumers, the company's payment volume is rising.
Only 7% of Shift4Payments' gross revenue was subscription-based in 2023, unlike certain fintech counterparts. With 31% increase last year, it is fast-growing.
4. AppLovin The other three equities in this article exhibit positive year-over-year returns. They pale in comparison to AppLovin's 400% growth. This stock fell in 2022 due to revenue issues and rising losses. In 2023, management found its footing and is ready for 2024.
First-party apps (games) provide income for AppLovin. Customer discovery and monetization software is its main focus. It exclusively produced first-party apps to test its software, and management says it was a huge success.
AppLovin's software-platform sales rose 46% to $1.8 billion in 2023. Software growth accelerated throughout the year, reaching 88% in the fourth quarter. The app business's revenue stagnation lowered AppLovin's full-year revenue to 17% in 2023. Not to be missed is its software business expansion. It's rising and profitable.
GAAP net income is on AppLovin, as I mentioned. Free cash flow and other profitability measures are also essential. AppLovin's free cash flow topped $1 billion in 2023 due to software expansion. Despite its recent gains, the stock seems properly valued at $21 billion.
Finally, I conclude. CrowdStrike, Duolingo, Shift4Payments, and AppLovin are top growth stocks due to their high growth rates, outlooks, and net profitability. These qualities are rare. Some are pricey, therefore not all are timely chances.
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