As global markets continue to recover from the sell-off in early August, the tech-heavy Nasdaq Composite has led gains, reflecting robust investor sentiment towards growth stocks. In this context, identifying high-growth technology stocks in Sweden becomes particularly important as we look for companies that have great potential to benefit from this positive market dynamic.

The 10 fastest growing technology companies in Sweden

Click here to see the full list of 81 stocks from our Swedish high-growth technology and AI stocks screener.

Let’s uncover some gems from our specialized screener.

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Embracer Group AB (publ) is a global developer and publisher of PC, console, mobile, VR and board games with a market capitalization of SEK 33.01 billion.

Operations: Embracer Group AB (publ) generates its revenue primarily from board games (SEK 14.65 billion), PC/console games (SEK 13.10 billion), mobile games (SEK 5.87 billion) and entertainment & services (SEK 6.13 billion). The company operates worldwide and develops and publishes a wide range of gaming products for various platforms.

Embracer Group’s recent performance shows a challenging environment: revenue in Q1 2024 was SEK 7.93 billion, down from SEK 10.45 billion last year, and a net loss of SEK 2.18 billion was recorded compared to net profit of SEK 2.25 billion last year. Despite these setbacks, the company is forecast to grow revenue by 4.5% per year and profit by an impressive 116.57% per year over the next three years, indicating potential for a significant recovery and expansion in the technology sector. Notable is the company’s significant investment in research and development; with total spending of around SEK 4 billion per year, this commitment underlines Embracer’s focus on innovation within its diverse portfolio, which includes gaming and entertainment. In addition, securing a new EUR 600 million revolving credit facility indicates strong financial maneuverability aimed at reducing interest expenses and increasing liquidity for future strategic initiatives.

Simply Wall St Growth Rating: ★★★★★☆

Overview: Fortnox AB (publ) provides customized financial and management software solutions for small and medium-sized companies, accounting firms and organizations with a market capitalization of SEK 34.73 billion.

Operations: The company generates revenues in several segments, including Corporate (SEK 378 million), Marketplaces (SEK 160 million), Core Products (SEK 734 million), Accounting Firms (SEK 352 million) and Financial Services (SEK 249 million). The focus is on providing financial and management software solutions.

Fortnox’s latest earnings report highlights a solid performance with revenue of SEK 521 million in the second quarter of 2024, up from SEK 413 million last year, and an increase in net profit from SEK 127 million to SEK 164 million. The company’s R&D expenditure underscores its commitment to innovation and contributes significantly to its competitive advantage. With forecast annual revenue growth of 19.9% ​​and profit growth of 22.3%, Fortnox is well positioned for further expansion in the technology sector.

Simply Wall St Growth Rating: ★★★★★☆

Overview: Truecaller AB (publ) develops and publishes mobile caller ID applications for individuals and businesses in India, the Middle East, Africa and internationally and has a market capitalization of SEK 12.49 billion.

Operations: Truecaller AB (publ) generates its revenue primarily from its communications software division, which contributed SEK 1.72 billion. The company focuses on mobile caller ID applications for a global market that includes India, the Middle East and Africa.

Truecaller, a major player in Sweden’s technology landscape, reported revenue of SEK 457.87 million for the second quarter of 2024, down from SEK 519.07 million last year. Despite a drop in net profit from SEK 205.95 million to SEK 123.01 million, the company is making great progress with innovative offerings such as Truecaller Fraud Insurance and AI Call Scanner. With forecast annual profit growth of 21.5% and revenue growth of 19.8%, Truecaller’s R&D spending reflects its commitment to staying ahead of the curve in AI-driven solutions to prevent fraud and improve user safety.

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This Simply Wall St article is of a general nature. We comment solely on the basis of historical data and analyst forecasts, using an unbiased methodology. Our articles do not constitute financial advice. It is not a recommendation to buy or sell any stock and does not take into account your objectives or financial situation. Our goal is to provide you with long-term analysis based on fundamental data. Note that our analysis may not take into account the latest price-sensitive company announcements or qualitative materials. Simply Wall St does not hold any of the stocks mentioned.

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