Meta Platforms Inc META shares are volatile on Wednesday as the company gears up to report fourth-quarter results after the bell. Here's a look at what's going on.
What To Know: Meta shares traded lower in Tuesday's after-hours session, in sympathy with Snap Inc SNAP, which fell after the company warned that first-quarter revenue is down 7% quarter-to-date.
Given uncertainties related to the operating environment, Snap held back revenue and adjusted EBITDA guidance for the first quarter, but Snap's internal forecast assumes first-quarter revenue will be down 2% to 10% on a year-over-year basis.
"We continue to face significant headwinds as we look to accelerate revenue growth, and we are making progress driving improved return on investment for advertisers and innovating to deepen the engagement of our community," said Evan Spiegel, CEO of Snap.
Related Link: Why Snap Stock Is Diving Today
Meta is set to report its fourth-quarter results after the bell. The company is expected to turn in earnings of $2.22 per share on quarterly revenue of $31.53 billion, according to estimates from Benzinga Pro.
Snap and Meta operate in the social media space. Meta owns an ecosystem of social media-related apps including Facebook, Instagram, Messenger and WhatsApp.
Check This Out: Snapchat Growth Slowed Last Quarter: Apptopia Data
META Price Action: Meta has a 52-week high of $328 and a 52-week low of $88.09.
The stock was down nearly 3% after Snap fell approximately 15%, but it has since recovered. At time of publication, Meta shares were up 0.13% at $149.16, according to Benzinga Pro.
Photo: Gerd Altmann from Pixabay.
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