Cash App has become one of the most popular mobile payment services, especially among millennials and Gen Z users. With its stock trading feature, Cash App also allows users to invest in stocks commission-free. For investors looking to add Cash App stocks to their portfolio in 2023, here are 10 promising companies to consider:
Square – The Owner of Cash App with Huge Growth Potential
Square Inc (SQ) is the parent company of Cash App and one of the top cash app stocks to buy. The fintech giant has benefitted enormously from the boom in digital payments and ecommerce. Its gross payment volume jumped 59% in 2021 while its revenue soared 86%. The growth runway remains long as more consumers and merchants adopt cashless payments globally. Square plans to integrate more financial services into Cash App, presenting tremendous opportunities.
PayPal – The Payments Veteran Expanding Its Reach
PayPal (PYPL) is apayments pioneer that operates a two-sided network connecting merchants and consumers. Like Square, PayPal has capitalized on the digital payments megatrend and expanded aggressively through acquisitions. PayPal’s active user accounts jumped 14% in 2021 to 426 million while its revenue grew 18%. With partnerships and new services like buy now pay later, PayPal is reinforcing its leadership in digital payments and commerce.
DoorDash – The Food Delivery Leader with Strong Tailwinds
DoorDash (DASH) dominates the US food delivery market with over 50% market share. Its platform connects over 20 million consumers with merchants in over 7,000 cities. DoorDash’s revenue surged 236% in 2021 and gross order volume expanded 62% to $48.4 billion as the pandemic accelerated the adoption of food delivery. Looking ahead, DoorDash is expanding into new verticals like groceries and luxury goods delivery while boosting advertising revenue, promising great growth potential.
Netflix – The Streaming Giant Still Has Room to Run in 2023
Netflix (NFLX) pioneered video streaming and remains a top global player despite intensifying competition. It ended 2021 with 222 million paid subscribers, up 9% from 2020. While subscriber growth is slowing, Netflix still has ample room for expansion in international markets. It is also trimming costs, raising prices and clamping down on password sharing to boost profitability. With hit shows like Squid Game and Stranger Things, Netflix should deliver steady growth in 2023.
Disney – A Cash App Favorite Boosted by Streaming and Parks
Walt Disney (DIS) is a Cash App favorite owing to its iconic brands and intellectual property. While COVID-19 weighed on its parks and movie business, Disney made huge strides in direct-to-consumer streaming. It ended 2021 with 196 million total streaming subscribers across Disney+, ESPN+ and Hulu. Parks have rebounded strongly as restrictions eased. With economies reopening and promising streaming and studio content, Disney is poised for renewed growth.
Microsoft – The Cash App Giant with Cloud and AI Momentum
Microsoft (MSFT) is the world’s largest software company and one of the top stocks on Cash App. It has transitioned fully to cloud and now powers digital transformation for businesses worldwide. Its Azure cloud computing platform saw revenue growth hit 46% in 2022. Microsoft is also leveraging artificial intelligence across its productivity and business applications. Its steady cash flows and rock-solid balance sheet make Microsoft a reliable cash app stock pick.
Apple – The Cash App Favorite Boasting Loyal Customers
Apple (AAPL) is arguably the most popular stock on Cash App. The tech titan continues to reel in loyal customers with its coveted iPhone, Mac, AirPods and Watch. In 2021, Apple raked in nearly $365 billion in revenue from its various hardware, software and services offerings. While growth is moderating after a blockbuster pandemic year, Apple still has catalysts – 5G upgrade cycle, VR/AR, autonomous vehicles, and more.
Tesla – The Cash App Darling Leading the EV Revolution
Tesla (TSLA) has emerged as a cash app favorite thanks to investor enthusiasm for electric vehicles.Led by CEO Elon Musk, Tesla sold over 936,000 EVs in 2021, up 87% year-on-year. Though competition is heating up, Tesla maintains a dominant position with industry-leading technology, battery costs and charging network. Its Berlin and Texas gigafactories will boost production capacity going forward. Tesla has strong backing among cash app investors.
NVIDIA – The Cash App Semiconductor Star Enabling the Metaverse
Nvidia (NVDA) produces advanced graphics processors for gaming, artificial intelligence, data centers and autonomous vehicles. It has been a top-performing cash app stock, driven by surging demand for its chips and software. Nvidia’s automotive and data center segments offer massive growth potential as AI goes mainstream. Its planned acquisition of ARM will position it as a leading provider of infrastructure for the metaverse.
AMD – The Cash App Chipmaker Winning Data Center Share
Advanced Micro Devices (AMD) is a semiconductor company specialized in microprocessors and graphics chips. It has gained significant data center share thanks to its advanced chip designs. In 2021, AMD’s revenue soared 68% to $16.4 billion. Its pending acquisition of Xilinx will expand its capabilities in key growth markets – data centers, AI, 5G and autonomous vehicles. AMD is poised to grow sales at a robust 30%+ clip in 2022 and beyond.
In conclusion, Square, PayPal, DoorDash, Netflix, Disney, Microsoft, Apple, Tesla, Nvidia and AMD represent some of the top cash app stocks to buy for 2023 and beyond. These fast-growing tech companies have promising outlooks and strong backing among cash app investors.