3 Stocks Set to Deliver Explosive Profit Growth This Earnings Season

investing.com:

Wall Street’s third quarter earnings season kicks into high gear this week, with some of the biggest names in the market set to report their latest results.

Analysts expect Q3 S&P 500 earnings to fall 0.3% year-over-year, which, if confirmed, would mark the fourth consecutive quarter of annual earnings declines reported by the index.

While most of the focus will be on the mega-cap technology stocks, like Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Tesla (NASDAQ:TSLA), and Nvidia (NASDAQ:NVDA), there are several fast-growing names set to enjoy explosive earnings growth thanks to surging demand for their products and services.

Here are three names worth owning ahead of their quarterly reports in the weeks ahead.

Uber Technologies (NYSE:UBER) has experienced a strong and sustained rally this year as the ride-hailing giant has proved that it can thrive in a challenging environment. In contrast with many other high-growth companies, Uber is generating solid profits and cash flow as more people use its transportation and food delivery services.

The next major catalyst is expected to arrive when Uber reports third-quarter earnings on Wednesday, November 8 and it is expected to shatter its sales record once again despite the existing inflationary and recessionary economic climate.

Wall Street is extremely optimistic ahead of the Q3 update, as per an InvestingPro survey, with analysts increasing their EPS estimates eight times in the past three months to reflect a gain of 65% from their initial expectations.

The ridesharing and delivery specialist is forecast to earn $0.31 per share, improving significantly from a loss of $0.61 per share in the year-ago period, thanks to ongoing