A Bull Market Is Coming: 1 Tech Stock Down 70% to Buy in 2023
A bull market is coming. It may not seem like it right now, with stocks steadily moving lower, but there is always light at the end of the tunnel in financial markets. The average bear market lasts just 1.4 years (compared to 8.9 years for bull markets), so with almost a full year since the 2022 bear market began, stocks are likely to start turning around sometime in 2023. This means now is the perfect time to start putting your investable cash to hard work, especially in technology stocks down large amounts this year.
Here's why Spotify Technology (NYSE: SPOT) -- down 70% in 2022 -- is a perfect stock to buy heading into 2023.
Spotify is the leading audio streaming service worldwide, known for its ad-free music subscriptions that let you listen to nearly every song in the world from your mobile device. Since launching a little over a decade ago, the service has steadily grown around the world and is now in virtually every sizable country outside of China. Last quarter, it hit 456 million total monthly active users (MAUs) compared to just 68 million at the start of 2015. In addition, premium subscribers, or those who pay a monthly subscription for ad-free music listening, hit 195 million as opposed to just 18 million in 2015.
Source Fool.com
