When it comes to investing in growth stocks, you have to keep in mind that innovation is what matters. It seems obvious, but it’s easy to lose sight of the fact that innovation creates compelling new products and services, which drives the growth at companies like Square (NYSE:SQ). And when it comes to innovation, Square has no parallel. That’s why we love SQ stock.
This company got its start making credit card processing machines for small retailers, enabling these retailers to accept increasingly popular non-cash payments. They killed it in this regard and had a huge uptake.
Square Continues to Innovate
But Square didn’t stop there.
Over the next decade, the company proceeded to create an online payments processor, a suite of digital tools for small- and medium-sized businesses to manage their businesses, a neobank and also a consumer-facing fintech app.
Their sustained focus on innovation has enabled the company to maintain 20%+ revenue growth year after year.
But what’s next for Square?
Square is making a huge push into cryptos by allowing individuals to buy, sell and hold cryptos in various digital wallets. The company appears committed to being the financial services product behind crypto transactions.
They also announced yesterday that they have plans to roll out a hardware wallet for Bitcoin (CCC:BTC-USD) — “We have decided to build a hardware wallet and service to make bitcoin custody more mainstream…”
Square’s latest innovative move — becoming involved with cryptos — will sustain huge revenue growth at Square, which will keep SQ stock on an uptrend.
SQ is but one of my top picks, which, long-term, will score investors big returns… but it’s far from the only hypergrowth stock on my radar.
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On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.