Meta Platforms reported record revenue, driving a 2% gain to $711.31 in after-hours trading. The company plans to issue a new class of non-voting stock to raise fresh capital specifically for its ongoing AI initiatives.
In section Market Quotes
Tech Earnings Roundup: Meta Surges as Tesla and IBM Stumble
A mixed bag of third-quarter results hit the markets Wednesday, with Meta Platforms announcing a new non-voting share class to fuel its aggressive artificial intelligence expansion. While Meta’s record-breaking revenue pushed shares higher, volatility gripped Tesla, IBM, and Lam Research as investors parsed production hurdles and shifting demand across the tech sector.
Tesla shares slid 2.3% to $377.48 despite an initial post-bell rally, as management pointed to persistent battery shortages curbing vehicle production. IBM experienced a sharper reversal; after an initial 11% surge on the back of closed deals and rising revenue, the stock slumped 4.8% to $239.50. Meanwhile, Lam Research saw its shares drop 6.3% to $244.50. Although the semiconductor equipment maker posted a 50% jump in first-quarter sales driven by Asian AI demand, its second-quarter earnings guidance failed to excite investors, landing squarely in line with existing analyst expectations.
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