The Top “Work from Home” Stocks to Keep an Eye On

With the coronavirus still making the rounds, many schools and companies have already announced they’ll go virtual for the Fall season.

Google for example just announced it will extend its “work from home” order through summer 2021.  “To give employees the ability to plan ahead, we are extending our global voluntary work from home option through June 30, 2021 for roles that don’t need to be in the office,” Google CEO Sundar Pichai said, as quoted by CNBC.

Other big tech companies have said employees can work from home until the end of 2020, including Amazon, Apple, Facebook, and Twitter.  We’re likely to see more of this happen as the outbreak continues.  As of Monday, the U.S. has 4.23 million cases with a good deal of infection in California, New York, and Florida.  

That being said, some of the top “stay at home” stocks to keep on radar include:

Slack Technologies (WORK)

One of the best ways to trade the shift to working from home is with Slack Technologies, which has seen impressive growth with the “work at home” trend.

Thanks in part to “work from home” orders:

“Q1 was a phenomenal quarter for Slack, with the addition of 12,000 net new Paid Customers and 50% revenue growth year-over-year,” said Stewart Butterfield, Chief Executive Officer and Co-Founder at Slack. “We believe the long-term impact the three months and counting of working from home will have on the way we work is of generational magnitude. This will continue to catalyze adoption for the new category of channel-based messaging platforms we created and for which we are still the only enterprise-grade offering.”

“Now more than ever our customers depend on Slack to continue to push the envelope of innovation,” said Allen Shim, Chief Financial Officer at Slack. “We plan to continue to invest, as we see the current crisis accelerating digital transformation and the transition from email to channel-based messaging platforms over the medium term to long term. At the same time, we will manage the business prudently and with a goal of showing consistent operating leverage and progression toward being free cash flow positive.”

Zoom Video Communications (ZM)

“Demand for Zoom’s software, which facilitates virtual conferences and web meetings, is exploding as the spreading virus is prompting office closures and meeting cancellations. Business conferences, college courses and even children’s playgroups have all moved online as people worldwide heed calls to stay away from one another,” reports Fortune.

Advanced Micro Devices (AMD)

Advanced Micro Devices is benefiting from cloud-computing service demand.  As companies race to invest in infrastructure to handle the demand from everyone staying at home. 

“If you look at Amazon or Azure and how much infrastructure usage increased over the past two weeks, it would probably blow your mind how much capacity they’ve had to spin up to keep the world operating,” said Dave McJannet, HashiCorp Inc., which provides tools for both cloud and traditional servers. “Moments like this accelerate the move to the cloud.”