Facebook (FB) just reported mediocre 1Q22 earnings – but with the stock as oversold as it is that’s good enough. Daily Active Users (DAUs) were up 30 million to 1.96 billion from 1.93 billion at the end of 2021. Revenue was +7% compared to a year ago – right smack in the middle of their 3%-11% guidance. EPS was -18% to $2.72. They guided 2Q22 revenue to $28 billion to $30 billion which would be flat with $29 billion from a year ago. Despite the mediocre numbers the stock is currently up 15% in the after hours as I suggested it might a couple hours ago.
If Apple (AAPL) and Amazon (AMZN) can report decent numbers Thursday afternoon – and with next Wednesday’s 50 basis point rate hike priced in in my estimation – I think we could see a relief rally in the days ahead.