5 Stocks Making Big Moves on Earnings Reports

1. Meta Platforms, Inc. (NASDAQ:FB)

Number of Hedge Fund Holders: 224

Shares of Meta Platforms, Inc. (NASDAQ:FB) rallied over 15 percent in the pre-market trading session on Thursday, April 28, 2022, despite delivering mixed financial performance for the first quarter.

Meta Platforms, Inc. (NASDAQ:FB) reported earnings of $2.72 per share, beating expectations of $2.56 per share. Revenue for the quarter increased 7 percent on a year-over-year basis to $27.91 billion but fell short of analysts’ average estimates of $28.21 billion.

Meta Platforms, Inc. (NASDAQ:FB) reported that its family daily active people (DAP) increased 6 percent versus last year to 2.87 billion in the quarter, while family monthly active people (MAP) rose 6 percent to 3.64 billion.

The social network giant also released its sales outlook for the second quarter. Meta Platforms, Inc. (NASDAQ:FB) expects to generate revenue in the range of $28 – $30 billion for the current quarter, below the consensus of $30.6 billion.

Speaking on the results, CEO Mark Zuckerberg said:

“We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock. More people use our services today than ever before, and I’m proud of how our products are serving people around the world.”

You can also take a peek at 10 GMO Stocks to Invest in Now and 10 Favorite Stocks of Dan Loeb’s Third Point.