Snap reported Q2 revenue of $1.6 billion and 493 million daily active users, both beating analyst expectations, while its stock jumped 8% in extended trading.
Zepto, a leading quick-commerce platform in India, has filed draft papers for an IPO, seeking to raise funds for expansion and offering investors a detailed look into its business model. The company aims to address the ongoing debate about the sector's profitability.
Meta Platforms reported Q1 earnings with adjusted EPS of $7.31 vs $6.79 estimated, and revenue of $56.31B vs $55.45B estimated, marking its fastest growth quarter since 2021. However, shares fell 7% after hours as capex of $19.84B came in below the $27.57B estimate, though full-year capex guidance was raised to $125B-$145B. Daily active people dropped more than 5% quarter-over-quarter to 3.56B, missing the 3.62B estimate, with Meta blaming internet disruptions in Iran and a WhatsApp restriction in Russia.
Meta shares fell in extended trading after reporting Q1 2026 earnings. Revenue of $56.3 billion beat the $55.45 billion estimate, but capital expenditures of $19.84 billion missed the $27.57 billion expectation. Daily Active People reached 3.56 billion, up 4% year-over-year but below the 3.62 billion Wall Street projection.
ChatGPT is experiencing a significant slowdown in user growth, with uninstalls surging 413% year-over-year in March following OpenAI's Pentagon deal. While the app still leads its rivals in user base, growth is falling behind Claude, which saw an 11x increase in downloads. OpenAI has missed internal revenue and user targets, raising concerns about funding future computing costs as the company eyes a potential IPO.
AI infrastructure stocks tumbled Tuesday after the Wall Street Journal reported OpenAI missed its internal projections for user growth and revenue, sparking concerns about the sector's massive spending. Oracle dropped 7.5% on its $300B OpenAI partnership, while chipmakers Nvidia, Broadcom and AMD fell 2-5%. SoftBank Group sank 10% in Asia.
