Strong results from Pinterest, Snap spur turnaround in clobbered social
media stocks
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[February 04, 2022] (Reuters)
- Shares of Snap and Pinterest surged in
extended trading on Thursday following strong quarterly reports, and
Twitter also jumped, marking a massive reversal from a wipeout in those
social media stocks earlier in the day following a dismal forecast from
Meta Platforms.
Snap rocketed 62% higher after the company reported better-than-expected
fourth-quarter user growth and provided an outlook that surpassed
analyst estimates.
Also after the bell, Pinterest soared 25% after its quarterly revenue
beat estimates as retailers splurged on advertising during the holiday
quarter.
Both of those late-day rallies more than made up for double-digit
percentage losses in the stocks Thursday's trading session.
Shares of Twitter, which reports its quarterly results on Feb. 10,
jumped 10% following the reports from Snap and Pinterest. It had lost
5.6% during Thursday's session.
Meta Platforms' shares bounced back 1.6% after the social media
heavyweight plunged 26% during the day's trading session.
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"All the people who sold Facebook ... where do you go with that money? You go to
similar companies that haven't reported the same type of problem," said Tim
Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
Fidelity's online retail brokerage customers were net buyers of Snap shares
earlier on Thursday ahead of the company's report, according to data on the
company's website.
Adding more positive sentiment to the U.S. stock market following Thursday's
3.7% slump in the Nasdaq, Amazon surged 16% after reporting quarterly profits
above analysts' expectations. That added about $245 billion the Amazon's stock
market value.
(Reporting by Noel Randewich; Editing by Marguerita Choy)
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