Alphabet shares are down more than 14% this year as markets face volatility from mounting trade war fears and worries about President Donald Trump's tariffs.
Meta has laid off employees in the company's Reality Labs division that is tasked with developing virtual reality, augmented reality and wearable devices.
Alphabet's search and advertising units are still showing strong growth despite AI competition heating up, according to its first-quarter earnings report.
Digital banking unicorn Revolut said Thursday that net profit for the year ending Dec. 31, 2024, totaled Β£1.1 billion ($1.5 billion), up 149% year over year.
The company warned that macroeconomic uncertainties including tariff policy have created demand volatility that will impact the second half of the year.