- Facebook parent Meta will report second-quarter earnings on Wednesday, sandwiched in between the other Big Tech companies on Tuesday and Thursday.
- Facebook’s online ad business has been hurt by Apple’s iOS update and a weakening economy.
- Snap reported disappointing earnings last week, raising concern about what’s in store for Meta.
It’s earnings palooza week for Big Tech, with the four most valuable U.S. companies plus Meta all reporting quarterly results.
Alphabet and Microsoft kick off the action on Tuesday, with Apple and Amazon wrapping things up on Thursday. Sandwiched in between them is Meta on Wednesday.
Investors in all five names are hurting this year as surging inflation, rising interest rates and fears of recession have hammered the tech sector. Within the mega-cap group, Meta has suffered the most, losing half its value as Facebook’s struggling ad business has yet to show signs of a rebound.
When Meta reports second-quarter numbers, Wall Street will be looking closely for indications that growth is poised to return. It also needs to see improved trends when it comes to users, who have fled the company’s apps in recent quarters in favor of rivals like TikTok.
CONTINUE READING AT: CNBC