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Traders continued to digest earnings results from after the bell on Wall Street, as the market moves remained largely muted during the Asian session.
Meta, the Facebook and Instagram parent company saw shares surge as much as 11%, to their highest level since January 2022, in after-hours trading after the company raised its forecast for the current quarter and lowered its expense forecast.
This came as a surprise to analysts as it had previously said 2023 as its “Year of Efficiency” said in the release that it has “substantially completed” its 2022 layoffs, though it will continue to conduct layoffs this year.
The stock price of e-commerce platform eBay jumped 5.1% after first-quarter earnings and revenue beat estimates. eBay earned an adjusted $1.11 per share, better than the $1.07 estimate, and revenue of $2.51 billion, against a $2.48 billion estimate.
eBay said it sees second-quarter per share earnings between 96 cents to $1.01, while analysts had estimated 99 cents per share, which was also encouraging.
eBay’s also estimated current-quarter revenue of $2.47 billion to $2.54 billion topped analysts’ consensus projection of $2.43 billion. eBay is seen as a bellwether for consumer spending.
Tech giants Amazon and Intel will share their quarterly results after the closing bell Thursday, however, today will be action-packed for earnings, with Eli Lilly, Merck, Southwest Airlines, and American Airlines posting results before the bell.
Key economic data release of the day for financial markets will be the initial reading of the US gross domestic product for the first quarter, slated for New York time at 8:30 a.m.
Weekly jobless claims are due at the same time. Other major data points include pending home sales for March and the Kansas City Federal Reserve’s manufacturing index reading.
