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Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), Snap Inc (NYSE:SNAP) and Pinterest Inc (NYSE:PINS) shares are moving lower in Wednesday’s after-hours session in sympathy with Meta Platforms Inc (NASDAQ:META), which fell after reporting first-quarter earnings results.
Meta beat analyst estimates on the top and bottom lines, reporting first-quarter revenue of $36.455 billion versus estimates of $36.156 billion and EPS of $4.71 versus estimates of $4.33, per Benzinga Pro.
Despite topping estimates, the stock is tanking in after-hours trading, likely due to the company’s guidance. Meta said it expects second-quarter revenue to be in the range of $36.5 billion to $39 billion versus estimates of $38.3 billion.
The company raised its expense outlook for the year from a range of $94 billion to $99 billion to a new range of $96 billion to $99 billion. Meta also raised its capital expenditures forecast from a range of $30 billion to $37 billion to a new range of $35 billion to $40 billion as the company continues to accelerate its infrastructure investments to support its AI roadmap.
“While we are not providing guidance for years beyond 2024, we expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts,” the company said.
Meta also noted that it expects operating losses to “increase meaningfully” year-over-year for its Reality Labs division. Meta shares were down more than 12% at the last check.
Check This Out: Meta Platforms Q1 Earnings Highlights: Facebook Owner Beats Estimates, But Guidance, Higher Costs Ding Stock
Alphabet shares often move in sympathy with Meta as both companies generate significant revenue from advertising. Alphabet is scheduled to report its first-quarter financial results after the market close on Thursday. The company is expected to report EPS of $1.51 on revenue of $78.594 billion, per Benzinga Pro.
Snap, Pinterest and Meta all operate social media platforms. Snap and Pinterest are due to report earnings within the next week.
Snap will report its first-quarter results on Thursday. Analysts are forecasting a loss of 5 cents per share and revenue of $1.119 billion. Pinterest is set to report on April 30. The company is expected to report EPS of 13 cents on revenue of $699.872 million.
GOOG, SNAP Pins Price Action: At the time of writing, Alphabet shares were down after hours approximately 2.5%, Snap shares were down 4.8% and Pinterest shares were down about 4.65%, according to Benzinga Pro.
Photo: Shutterstock.
