The pursuit of 10X growth stocks is a quest that captures the imagination of every investor. Getting in on the ground floor of transformative companies can not only provide you with bragging rights but make you extremely rich.
Identifying these opportunities can be a difficult endeavor but it is certainly worth the shot. Investors must carefully select these companies at the forefront of emerging technologies such as cybersecurity, artificial intelligence and financial technology. Moreover, successful growth stocks typically have visionary leadership, a scalable business model and a solid track record. While the pursuit of these high-reward investments comes with risks, diligent research and a diversified portfolio can mitigate potential downsides.
Now, let’s discover the top three 10X growth stocks to buy for outsized returns!
Palo Alto Networks (PANW)
Palo Alto Networks (NASDAQ:PANW) is a leading provider of cybersecurity solutions globally. It is currently the largest cybersecurity company in the United States by market capitalization.
Palo Alto’s comprehensive platform encompasses firewalls, cloud security, threat intelligence and endpoint protection. This holistic approach provides its customers with a one-stop shop to protect and secure their digital assets. As businesses and individuals continue to rely on interconnected systems, the demand for robust cybersecurity solutions will only continue to rise. Moreover, their Cortex XDR platform leverages AI and machine learning to identify and neutralize threats in real-time.
In its latest quarterly results, revenue increased 15% year-over-year (YOY) to $2 billion. Net income skyrocketed 159% YOY to $279 million, or 79 per share. The company continues to execute on its long-term strategy while driving profitable growth. With strong forward guidance for the 2024 fiscal year, PANW stock remains one of the top 10X growth stocks to buy in 2024.
Spotify (SPOT)
Spotify (NYSE:SPOT) is finally getting the love it deserves on Wall Street. Its users have been growing tremendously and its recent profitable quarters are a very positive sign.
Spotify revolutionized the music industry, transforming how we consume and interact with music. The company’s streaming platform boasts a vast library of songs, podcasts and audio content, catering to a wide global audience. As more consumers embrace the new digital age of music streaming, Spotify is well-positioned to capitalize on this demand. Additionally, their platform is growing exponentially and is on pace to reach 1 billion monthly active users (MAU) in the next few years. In its first first quarter, revenue increased 20% YOY to $3.6 billion. Earnings per share (EPS) swelled 184% YOY to 97 cents per share with operating margins up to 27.6%. Spotify is now demonstrating its ability to grow profitably and sees a tremendous amount of potential in emerging markets. If you’re a believer in the long-term growth of digital streaming, SPOT stock is a no-brainer buy in 2024.
Payoneer (PAYO)
Payoneer (NASDAQ:PAYO) has been on a tear in the last month. The stock is up 20% year-to-date (YTD) as management continues to build on momentum from the 2023 fiscal year.
Payoneer is an under-the-radar fintech company with significant long-term potential. As a leader in cross-border payment solutions, it enables businesses and individuals to send and receive payments across international borders seamlessly. Its platform offers a wide range of services, including payment processing, multi-currency accounts, and working capital solutions. It primarily caters to freelancers, e-commerce merchants and small- and medium-sized enterprises. In their latest quarterly results, revenue increased 19% YOY to $228.2 million. EPS rose 300% to 8 cents per share with total transaction volume up 21% from the year prior. With the company forecasted GAAP profitability in FY24, PAYO stock remains one of the best 10X growth stocks to get filthy rich over the next decade.
On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
