3 Social Media Stocks With Strong Buy Ratings for May 2024 | Markets

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Social networks have changed consumer behavior since their introduction. Advertisers flock to these platforms for targeted ad placements and higher conversion rates than most advertising channels.

These platforms benefit from winning people’s attention and have gotten very good at it. Many consumers habitually visit their favorite social networks through smartphone apps, desktops and other means.

Some social media stocks have delivered exceptional returns for their investors. Even though these platforms have been around for a while, shareholders can stand to benefit from these three social media stocks to buy.

Alphabet (GOOG, GOOGL)

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) is the leading advertising giant. Thanks to YouTube, it has a monopoly in the search engine market and a strong position in the social media industry.

YouTube is the most senior of video-focused social networks. The platform was founded in 2005 and has roughly 2.50 billion monthly active users. Alphabet is also growing in the cloud computing industry. Google Cloud’s growth rate outpaced the company’s advertising growth in Q1 2024.

Overall revenue increased by 15% year-over-year in the quarter. Net income jumped by 57% year-over-year and helped the corporation achieve a 29.4% net…

Source investorplace.com

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