2. Trade Desk The Trade Desk stock is up 21% this year and could rise even more in 2024. Due to greater digital advertising spending and programmatic advertising usage, the company is growing faster.
Because it lets marketers buy ad inventory, build campaigns, and optimize them with real-time data to maximize ad ROI, The Trade Desk's AI-enabled cloud platform is popular. Revenue rose 23% to $606 million in the fourth quarter of 2023. The Trade Desk's current quarter revenue projection of $478 million suggests its top line will rise 25% over the year-ago period. That would boost growth from the prior quarter.
It's no surprise The Trade Desk is growing faster. Programmatic ad expenditure will expand three times faster than nonprogrammatic spending, according to eMarketer. The business predicts U.S. programmatic ad spending to rise roughly 16% in 2024 from 11.4% last year.
Programmatic advertising automates media buying with real-time data, which explains its rapid rise. Advertisers can bid for ad inventory in real time to reduce costs and display advertising across channels to better target audiences.
Thus, The Trade Desk may end 2024 with faster revenue growth than its 23% increase to $1.95 billion last year. Growth company investors should buy its shares now because it appears poised for growth in 2024.
3. Micron Tech Micron Technology shares have risen 39% this year, and its latest results imply a new bull run. In the second quarter of fiscal 2024 (ending Feb. 29), the memory expert beat Wall Street estimates with $5.8 billion in revenue and $0.42 per share in adjusted earnings.
On $5.35 billion in revenue, consensus projections predicted a $0.25 per share loss. Micron's top line rose 58% year over year, resulting in a surprising profit. With a $6.6 billion revenue estimate for the current quarter, its top line is expected to grow 76% faster than last year.
The memory-chip market's recovery drove the chipmaker's significant top and bottom line growth. Micron reported that "the supply-demand balance tightened" in the memory business last quarter due to strong AI server demand and rising PC and smartphone markets.
Memory makers' supply reductions could help Micron maintain high pricing. Statista predicts over $130 billion in memory market revenue in 2024, up 45% from 2018. Analysts expect Micron's revenue to rise 56% to $24 billion this year and 43% to $34.5 billion in fiscal 2025. This massive revenue growth should boost earnings power, so buy shares before they leap after earnings
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