Why Snap, Pinterest Shares Are Rising Thursday

Social-media stocks including Snap Inc SNAP and Pinterest Inc PINS are trading higher in Thursday’s after-hours session following strong fourth-quarter results from social media giant Meta Platforms META.

What Happened With META: Meta beat analyst estimates on both the top and bottom line, reporting revenues of $40.11 billion and earnings per share of $5.33.

Family daily actives came in at 3.19 billion, up 8% year-over-year. Facebook daily actives totaled 2.11 billion, up 6% year-over-year.

Ad impressions delivered in the fourth quarter were up 2% year-over-year. Full-year ad impressions climbed 28% year-over-year as the average price per ad fell 9%.

Meta ended the quarter with $65.4 billion in cash and equivalents and declared its first quarterly dividend of 50 cents per share. The dividend is payable on March 26 to shareholders of record as of Feb. 22.

“We had a good quarter as our community and business continue to grow. We’ve made a lot of progress on our vision for advancing AI and the metaverse,” said Mark Zuckerberg, founder and CEO of Meta.

Meta issued first-quarter revenue guidance of $34.5 billion to $37 billion and said it expects full-year expenses to be between $94 billion and $99 billion.

For complete highlights of Meta’s quarterly results, check this out.

Meta, Snap and Pinterest operate some of the most popular social media platforms out there. Pinterest is an online product and idea discovery platform that helps users gather ideas and Snap is a social media company focused on camera capabilities and technology.

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SNAP, PINS Price Action: Snap shares were up 5.61% to $16.76 following Meta’s report, while Pinterest shares were up approximately 4.04% at $39.10 Thursday after-hours.

Photo: Sergei Elagin from Shutterstock