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A child safety trial opening Tuesday in federal court is hammering Meta Platforms stock and pulling Pinterest and Snap down with it, even though neither faces the bench, as potential damages the company itself has flagged approach its entire market cap.
A federal appeals court just stripped away the legal shield that social media platforms have relied on for decades, and Snap is absorbing the first blow with thousands of lawsuits now cleared to proceed against it.
Pinterest forecast second-quarter revenue above analysts' estimates on Monday, helped by steady spending from advertisers as the image-sharing platform sharpens its ad offerings with deeper artificial intelligence integration. Shares of the California-based company jumped 16% in extended trading. The company has been stepping up investments in AI, rolling out enhancements to its Performance+ ad suite to automate ad creation and improve personalized targeting, which have started to bear fruit.
ON Semiconductor, Pfizer, Uber, McDonald’s, and many more will report earnings this week. Economic releases will include the April jobs report and purchasing managers index.
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