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The Q1 earnings season is heating up, and Meta Platforms (META) will release its earnings after the bell today. The Facebook parent’s earnings are coming a day after fellow “Magnificent 7” constituent Tesla (TSLA) impressed markets with its Q1 earnings, sending its stock up by over 12% in pre-market trading this morning. Meta's FAANG peer Netflix (NFLX), on the other hand, crashed following its earnings last week. Can Meta stock rise to hit record highs after the Q1 earnings release, or will it plummet like Netflix? We’ll discuss in this article.
When it comes to 2024 price action, Tesla and Meta are almost at opposite ends of the pole. With its YTD gains of over 40%, Meta is among the top five S&P 500 Index ($SPX) gainers - while Tesla is stacked at the bottom, with a 2024 loss of almost 42%. This is based on yesterday’s closing prices, and while Tesla stock’s YTD performance might improve by the close today, it remains in the red.
