Snap and Pinterest stocks soar after results dispel Facebook fears

Snap Inc. and Pinterest Inc. came roaring back Thursday after upbeat results eased fears that a slowdown at rival Facebook reflected an industrywide social media slump. 

Both companies topped Wall Street predictions with sales and earnings, with Snap even posting a surprise profit -- its first as a publicly held business. That sent shares of Snap rocketing up as much as 54% in extended trading, with Pinterest climbing 32%.

Shares of both companies had plunged earlier after Facebook owner Meta Platforms Inc. reported disappointing earnings. Apple Inc.’s change to its data-collection rules has made it harder for social media networks to sell