) reported its first quarter earnings on Wednesday, beating analysts' expectations on the top and bottom line. But a disappointing Q2 forecast sent shares of the social media giant plummeting more than 10% following the announcement.
“There is growing caution into earnings on almost-certain growth deceleration beyond 1Q due to tough & perception of lack of new drivers vs. ,” Anmuth wrote in a investor note. Meta also stands to benefit significantly if Congress' TikTok ban, which President Biden signed into law on Wednesday, survives legal challenges. If the app is locked out of the U.S., it stands to reason that users and creators would turn to rival platforms like Instagram to scratch their social media itches.
Meta, Alphabet, and Microsoft earnings will be all about AI and whether one of them deserves to be on the ‘wall of worry’Ban or no ban, TikTok's partners in the music and advertising world plan to stick with the massively popular short-form video platform until the bitter end, seven industry leaders told Reuters. The U.S. Senate passed a bill late on Tuesday that gives Chinese tech firm ByteDance up to a year to divest TikTok, or the app will be banned altogether.