Pinterest's (NYSE: PINS) stock price dropped 5% on Feb. 7 following its fourth-quarter earnings report. Its adjusted net income fell 40% to $203 million, or $0.29 per share, which still cleared the consensus forecast by a penny. For the full year, Pinterest's revenue increased 9% to $2.8 billion as its adjusted net income dropped 45% to $426 million.
Snap (NYSE: SNAP) makes some money each year from its Spectacles camera glasses. Meta Platforms (NASDAQ: META) generates some revenue each year from its business segment that focuses on the metaverse. Its details like this about how these social media giants generate revenue that can influence investors' enthusiasm for each stock.
The stock market is off to a terrific start in 2023, with the S&P 500 index gaining 8% so far. This economic positivity is now being seen in the share prices of Meta Platforms (NASDAQ: META) and Taiwan Semiconductor Manufacturing (NYSE: TSM), popularly known as TSMC, as well. Meta stock is up a whopping 53% so far in 2023, while shares of foundry giant TSMC have jumped nearly 28% this year.