From Nasdaq: 2024-05-01 13:00:00

Global X Social Media ETF SOCL has gained 1.3% in the past week, despite a 15.4% drop in Meta stock affecting the fund. Other constituents like Snap, Spotify, and Pinterest are expected to drive the fund’s performance. Spotify exceeded Q1 earnings and revenue estimates, reporting $1.05 earnings per share and $3.95 billion in revenue.

Snapchat owner Snap saw a 25% surge in shares after reporting strong Q1 results, with earnings of 3 cents per share and revenues of $1.19 billion. Snap expects Q2 revenues between $1.23 billion and $1.26 billion. Pinterest shares soared 18% after reporting adjusted earnings of $0.20 per share and revenues of $739.98 million for Q1.

Prudent cost management and layoffs led to Spotify’s quarterly profit and improved margins. Snap’s revenue growth was driven by improvements to its advertising platform, with strong Q1 results. Pinterest rebounded in Q1 with increased revenues and active users. Global X Social Media ETF focuses on social media industry companies like Meta, Pinterest, Spotify, and Snap.

Investors may benefit from Meta’s recent weakness with the “buy-the-dip” strategy for SOCL’s top holding. Other stocks like Spotify, Snap, and Pinterest are also expected to support the fund’s performance. Check out Zacks’ free Fund Newsletter for weekly updates on top-performing ETFs and investment analysis.



Read more at Nasdaq: Should You Buy Social Media ETF (SOCL) Now?