Social media names rise on back of Meta's advertising beat
oatawa

As Meta Platforms (NASDAQ:META) goes, so go its peer social-media names.
Meta stock (META) leapt more than 12% after hours Wednesday after its quarterly results showed a better-than-expected ad performance -- and as they have in recent quarters, the results are reading through as a bellwether for smaller rivals.

While Alphabet (NASDAQ:GOOG) (GOOGL) is only up slightly postmarket -- it has its own data points to react to, namely a beat on its own results -- Snap (NYSE:SNAP) was up 3.4% in late trading, and Pinterest (NYSE:PINS) jumped 3.5% itself.
Meta's ad-specific results often have an impact on social-media peers, and its advertising revenue grew to $28.1B despite widespread fears of a lingering slowdown.
Snap (SNAP) reports its own earnings on Thursday after the close, and Pinterest (PINS) posts up at the same time.