In August, the S&P/ASX 200 Index (ASX: XJO) was as flat as a pancake but that didn't stop some areas from roaring higher.
One of those is the technology sector. For example, the S&P ASX All Technology index outperformed with a 5.5% gain over the month.
This was driven partly by the strong gains that were recorded by the three ASX 200 tech stocks listed below. Here's why they smashed the market in August:
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Life360 Inc (ASX: 360)
The Life360 share price was on form and raced 17.5% higher during the month.
Investors were fighting to get hold of the location technology company's shares after it released its second quarter update. Life360 reported a 20% increase in revenue to a record of US$84.9 million and positive adjusted EBITDA of US$11 million.
Not only was this stronger than the market was expecting, but it was also better than the company's own expectations. As a result, it upgraded its guidance for FY 2024 and now expects consolidated revenue of US$370 million to US$378 million and positive adjusted EBITDA of US$36 million to US$41 million. This compares to previous guidance of US$365 million to US$370 million and US$30 million to US$35 million, respectively.
TechnologyOne Ltd (ASX: TNE)
Another ASX 200 stock that smashed the market was TechnologyOne. Its shares charged 16% higher over the period.
This was despite there being no news out of the enterprise software provider. Though, it is worth noting that the company held its investor day event late in July. This update saw the company bring forward its $500 million ARR target and announce a new $1 billion 2030 target.
Analysts responded positively to the update. For example, in the middle of last month Bell Potter reiterated its buy rating and lifted its price target to $22.25 from $20.50.
WiseTech Global Ltd (ASX: WTC)
Finally, the WiseTech Global share price was the strongest performer on the whole ASX 200 index in August. The ASX tech stock rocketed 24.3% over the month.
Investors were fighting to get hold of the logistics solutions company's shares following the release of its full year results. WiseTech Global reported a 28% jump in revenue to $1.04 billion and a 28% increase in underlying EBITDA to $496 million.
Incredibly, the company's growth isn't expected to slow in FY 2025. Management is guiding to EBITDA of $660 million to $700 million for the year. This represents annual growth of 33% to 41%.
