CrowdStrike (CRWD 0.13%), Qualcomm (QCOM -0.20%), and Snowflake (SNOW -1.61%) serve different parts of the tech sector, but they have much in common. Indeed, they all suffered massive declines amid the sell-off in 2022.

Still, they also maintained rapid growth amid the downturn. And while some slowing has occurred (especially with Qualcomm), a recovery could rally growth tech stocks when investors begin to show interest again.

1. CrowdStrike

CrowdStrike stands out in the crowded cybersecurity industry by taking a unique approach. The Falcon platform finds threats through crowdsourced data (hence the name). It also uses artificial intelligence (AI) and machine learning to more efficiently identify and address the trillions of security threats that arise weekly.

The company has built a customer base by leading the industry in endpoint-protection software. Moreover, CrowdStrike sells several different cybersecurity modules, helping it earn more revenue by protecting other parts of a cloud network.

Consequently, 62% of its customers subscribe to five or more modules, and the typical long-term customer has increased spending on the platform by an average of 20% over the last year. Also, the company claims a retention rate of 98%, an indication of the high level of satisfaction with its services.

Revenue rose to $2.2 billion in 2022, a year-over-year increase of 54%. Also, net losses of $182 million fell from $232 million in 2021. Unfortunately for CrowdStrike, operating costs increased, but income taxes and interest income reduced its losses.

And its price-to-sales (P/S) ratio of 14 has risen this year along with the stock. Still, the sales multiple is far below 2021 levels, when the P/S briefly exceeded 60. With its massive growth continuing amid an uncertain economy, the discounted valuation could lead to investors buy CrowdStrike stock hand over fist.

2. Qualcomm

Investors know Qualcomm best for its smartphone chipsets. This remains true as the company led the market in the production of 5G-compatible chipsets. But investors turned on the stock as the sales of chipsets slowed, and growth in the market turned negative for a time.

However, just as many PC functions switched to smartphones years ago, many smartphone functions will probably turn to other devices. To that end, Qualcomm has invested heavily in the Internet of Things (IoT) and automotive markets.

Among its most prominent non-phone products are its chips that power Meta's Oculus virtual-reality headsets and the digital chassis that handles communications and autonomous-driving functions within a car.

Admittedly, Qualcomm is in the midst of a slowdown as revenue for the first quarter of fiscal 2023 (ended Dec. 25, 2022) fell 12% year over year to $9.4 billion. Still, revenue had increased 32% in fiscal 2022, an indication the current slowdown is likely temporary.

Earnings for the first quarter were $2.2 billion, dropping 34% year over year as investment income fell along with revenue. Such disappointment could help explain why Qualcomm stock has fallen more than one-third from its 2021 highs.

Still, at a price-to-earnings (P/E) ratio of around 12, it holds the lowest earnings-based valuation of any major chip company. And as revenue and profit growth climb back to double-digit levels, the bargain earnings multiple could draw investors back to this stock.

3. Snowflake

Snowflake has achieved explosive growth in both good times and bad. Its software helps organizations store, protect, and properly use data from a cloud-based platform. While it is not the only data-cloud product, its interoperability across different cloud providers has made it a popular choice.

In the last year, the total number of customers grew 31% to more than 7,800. The growth rate rose to 79% for clients who spend $1 million or more on the platform. And net retention was 158%, meaning current customers increased spending on the platform by 58% year over year.

Those factors led to revenue in fiscal 2023 (ended Jan. 31) of $2.1 billion, an increase of 69%. And despite that growth, revenue is less than 1% of the $248 billion addressable market Snowflake forecasts for 2026.

However, losses for fiscal 2023 increased slightly to $797 million as operating expenses continued to exceed revenue. The lack of a clear path to profitability could deter investors in a market that has become intolerant of money-losing companies.

Another challenge is valuation. Indeed, its P/S of 22 is close to record lows. Still, in a market where investors more closely scrutinize sales multiples, that multiple leaves Snowflake with little room for error.

However, data-cloud adoption continues to increase. And thanks to its massive revenue growth, Snowflake could well be worth its expensive price.