The 3 Best Growth Stocks to Invest In for Big Gains in 2024

Stocks to buy

Growth stocks continue to outperform and provide their shareholders with big gains. Some of the best-known growth stocks have been on a tear in recent weeks after issuing strong financial results for the final months of 2023 and issuing optimistic guidance for the year ahead. There is no better way for retail investors to boost their stock returns and overall portfolio than by owning growth stocks.

These securities consistently beat the market’s returns, fueled by strong earnings and expectations for ongoing strength in the future. While the market continues to move in fits and starts, the best-performing growth stocks have trend lines that only move to the right and upwards. Here are the three best growth stocks for big gains in 2024.

Royal Caribbean (RCL)

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The cruise industry is back, and Royal Caribbean (NYSE:RCL) is a main beneficiary as consumers take to the high seas once again. RCL stock has gained 83% in the last 12 months, making it a top growth stock over the last year. The company just issued bullish guidance for the year ahead, including a record profit forecast. For the final quarter of 2023, Royal Caribbean reported earnings per share (EPS) of $1.25 and revenue of $3.30 billion.

Wall Street had expected the cruise ship operator to announce earnings of $1.14 a share on revenue of $3.40 billion. It was the seventh consecutive quarterly earnings beat for Royal Caribbean. However, the cruise ship operator’s strong outlook for the year ahead grabbed people’s attention. Royal Caribbean now expects EPS to grow 40% to between $9.50 and $9.70 a share in 2024. The earnings guidance, if achieved, would set a record at Royal Caribbean.

The company attributed the strong earnings and guidance to an ongoing rebound in people booking travel on its cruise ships now that the Covid-19 pandemic is over.

ServiceNow (NOW)

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Another top growth stock for 2024 is ServiceNow (NYSE:NOW). The software company specializing in workflow management has seen its share price rise 62% in the last 12 months, including a 12% gain in 2024. NOW stock has been moving higher since the company issued better-than-expected Q4 2023 financial results in late January, giving an exciting outlook for its artificial intelligence (AI) products. ServiceNow reported EPS of $3.11, which beat analyst expectations of $2.78.

Revenue in the quarter was $2.437 billion, up 26% from a year earlier and above Wall Street forecasts of $2.402 billion. The company said that the rollout of several new AI software products boosted its latest earnings. Regarding guidance, ServiceNow expects subscription revenue ranging from $2.510 billion to $2.515 billion in the first quarter of 2024, also ahead of analysts’ estimates. The company said it has adopted 15 new AI tools and is achieving 40% productivity because of them.

Netflix (NFLX)

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Streaming giant Netflix (NASDAQ:NFLX) also continues to grow strongly, recently announcing that it added 13.1 million net new subscribers in Q4 2023, which was well ahead of the eight million to nine million additions forecast on Wall Street. Netflix now has 260.8 million subscribers worldwide, ahead of the 256 million analysts expected. Efforts by the company to crack down on password sharing and the addition of advertisements on its platform are paying dividends.

NFLX stock is up 56% in the past 12 months, including a 20% gain after it issued its latest earnings in January. Key to Netflix’s success is its willingness to adapt its business to market conditions and consumer tastes. The company recently announced plans to add professional wrestling to its platform in 2025, the company’s first significant move into live sports. While Netflix previously said it wouldn’t get into sports broadcasts, it recognizes consumers want it and is adapting for future growth.

On the date of publication, Joel Baglole 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 Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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