Earnings are fundamental drivers for stock prices. Thus, investors are always on the lookout for stocks with promising profit forecasts. Five such stocks to watch are Nvidia (NASDAQ:NVDA) Shopify (NYSE:SHOP), Meta Platforms (NASDAQ:META), Li Auto (NASDAQ:LI), and Array Technologies (NASDAQ:ARRY).
All these companies are projected to see their earnings per share more than double in 2023 or the current fiscal year, with some even increasing exponentially. Additionally, these stocks are nearing buy points, making many of them ripe for investment.
Nvidia’s Promising Horizon
Nvidia Corporation (NASDAQ:NVDA), a leader in artificial intelligence, is projected to see its earnings jump 187% to $9.60 per share in the fiscal year ending in January 2024. However, a significant portion of these earnings will be realized in the latter half of the year since only $3.79 per share has been reported in the first half.
The demand for Nvidia’s chips appears infinite, given the current artificial intelligence boom. Despite a recent pullback, Nvidia’s stock has multiplied threefold in 2023, marking a 211.2% increase as of September 13. A significant upward move past the 50-day line could indicate an early investment opportunity.
Shopify’s Earnings Projection
Shopify’s (NYSE:SHOP) earnings are anticipated to soar by 1,201% to 52 cents per share in 2023. Like Nvidia, a bulk of these earnings is expected later in the year, given the reported 15 cents in the first half.
A pivotal reason for this surge is Shopify’s decision to step away from the fulfillment business, which not only reduces costs but also ends its direct rivalry with Amazon. The latter announced an expanded collaboration with Shopify on August 31. Shopify’s stock has surged 80.4% up to September 13.
Meta’s Earnings Recovery
After a decline in 2022, Meta Platforms (NASDAQ:META) is set to rebound with a 114% increase in earnings to $18.39 per share. The company initiated substantial job reductions last year and made significant cuts to its metaverse initiatives.
Fortunately, revenue growth is also making a comeback. The stock of Meta Platforms has surged by 153.5% in 2023 as of September 13.
Li Auto’s Astounding Growth
Li Auto’s (NASDAQ:LI) earnings are set to experience a monumental rise of 7,800% to 79 cents per share compared to just 1 cent in the previous year. This growth is attributed to the company’s booming sales, which surged to 203% in the second quarter.
The company’s deliveries of its premium hybrid SUVs have taken off this year, and there are plans to introduce an all-electric minivan soon. Li Auto’s stock has nearly doubled in 2023, registering a 98% increase as of September 13.
Array’s Bright Future
Array Technologies (NASDAQ:ARRY), known for its ground-mounted tracking systems for solar panels, is forecasted to see its earnings grow by 172% to $1.03 per share in 2023.
This comes after a massive 443% growth in 2022. However, Array’s stock performance in 2023 has been relatively modest with a 28.3% increase, following an unstable trend since August 2022.
Featured Image – Freepik
Author Kristen Moran 
