After-hours movers: Meta surges on better results, lifts other FAANG stocks
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Meta downgraded at HSBC following 4Q miss; announces 2023 as 'year of efficiency'
February 3, 2023 8:26 AM ESTHSBC Global Research downgraded Meta Platforms (NASDAQ: META) to a Reduce rating (From Hold), and reiterated a price target of $110.00, following the social media companys 4Q results. Meta reported 4Q EPS of $1.76, missing the consensus estimate of $2.20.
The results showed higher users and growing engagement, but a 4.5% revenue decrease and a large restructuring charge of $4.2bn, only partially offset by lower depreciation. 2022 marks the first year of declining revenue at Meta.
Facebook... More
Pinterest (PINS) lays off around 150 employees - Bloomberg
February 2, 2023 9:47 AM ESTPinterest (NYSE: PINS) will lay off around 150 employees in order to cut costs, according to Bloomberg on Thursday.
The social media company is another in the long line of tech firms to recently announce layoffs, with Bloomberg stating that sources... More
Meta Platforms Inc. (META) PT Raised to $240 at Monness, Crespi, Hardt
February 2, 2023 8:47 AM ESTMonness, Crespi, Hardt analyst Brian White raised the price target on Meta Platforms Inc. (NASDAQ: META) to $240.00 (from $150.00) while maintaining a Buy rating following results and the $40 billion buyback news.
The analyst commented, "Last night, Meta reported 4Q:22 upside, issued a healthy 1Q:23... More
