The stock market began 2022 on the back foot amid concerns about high inflation and rising interest rates. Those worries haven't subsided just yet, and a recent attempt by the market to stage a recovery was met by further selling pressure from investors. As it stands, the Nasdaq-100 technology index sits firmly inside bear-market territory with a year-to-date loss of 26%.
Higher inflation and interest rates have squeezed consumers' spending power and pressured the growth of the corporate sector, leading to a broad slowdown in the economy. But one cybersecurity company driven by artificial intelligence (AI) is bucking the trend in a big way.
SentinelOne (NYSE: S) just released its financial results for the second quarter of fiscal 2023 (ended July 31), and they show a 124% increase in revenue. Businesses continue to flock to the company's advanced cybersecurity products, and these aren't the only reasons the stock is a buy.
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Looking for Growth in the Bear Market? This Company Just Doubled Its Sales.