Tech Earnings Roundup: Meta Surges as Tesla and IBM Stumble

Meta Platforms reported record revenue, driving a 2% gain to $711.31 in after-hours trading. The company plans to issue a new class of non-voting stock to raise fresh capital specifically for its ongoing AI initiatives.

Tesla shares slid 2.3% to $377.48 despite an initial post-bell rally, as management pointed to persistent battery shortages curbing vehicle production. IBM experienced a sharper reversal; after an initial 11% surge on the back of closed deals and rising revenue, the stock slumped 4.8% to $239.50. Meanwhile, Lam Research saw its shares drop 6.3% to $244.50. Although the semiconductor equipment maker posted a 50% jump in first-quarter sales driven by Asian AI demand, its second-quarter earnings guidance failed to excite investors, landing squarely in line with existing analyst expectations.