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A day after Facebook parent Meta Platforms  (FB) – Get Meta Platforms Inc. Class A Report posted disastrous quarterly results that sent shares tumbling, Amazon.com  (AMZN) – Get Amazon.com, Inc. Report may be poised to reclaim some of big tech’s market valuation. 

Facebook’s 26% slide in the regular session took almost $240 billion of its market cap with it. CEO and founder Mark Zuckerberg’s personal wealth fell by $30 billion. 

Amazon’s strong quarterly results, along with plans to boost its Prime Membership fees by $20 to $139 a year, helped send shares soaring in after-hours trading Thursday. Some analysts pointed out, however, that much of the outsized results were tied to the valuation of Amazon’s stake in electric vehicle maker Rivian  (RIVN) – Get Rivian Automotive, Inc. Class A Report, whose shares have fallen more than 40% so far this year.

Amazon stock gained $389.09, or 14%, to $3,175 in after-hours trading following the report. It had fallen about 7% in the regular session Thursday amid the broad slide sparked by Meta’s slump.

TheStreet RecommendsJIM CRAMERFBAAPLGOOGLCramer’s Mad Money Recap 2/3: Facebook, Apple, Google6 hours agoCWhat Is Capitulation in the Stock Market? Definition & Examples6 hours agoINVESTINGAMZNAmazon Fourth-Quarter Earnings Live Blog9 hours agoThe upbeat tone in the after hours could also be seen in shares of Pinterest  (PINS) – Get Pinterest, Inc. Class A Report and Snap  (SNAP) – Get Snap, Inc. Class A Report, following their quarterly results.

Pinterest shares gained $4.99, or 20%, to $29.50.  Shares of Snap rose $14.13, or 58%, to $38.63 suggesting that social media companies outside of Meta may be having more advertising success than the much larger company. 

Some Wall Street analysts said Meta’s problems were unique to it and tied closely to Apple’s  (AAPL) – Get Apple Inc. Report move last year to allow iPhone users to choose whether or not to opt in to the tracking systems that Facebook relies on to target its advertising messages to users.

Even Meta Platforms shares edged higher in late trading. The stock rose $3.69, or 1.6%, to $241.45 in after-hours action. During the regular session the company’s shares fell $85.24, or 26%, to $237.76

On Jim Cramer’s Mad Monday show Thursday night, he told viewers that despite its problems, he’s sticking with Facebook because the company has a war chest of cash, and has dealt with problems like these before. If you want local advertising, Facebook is still the platform of choice, he said. But he cautioned investors against running out and buying Meta Platforms, because the institutional selling in the stock is so extensive it can’t be completed in a single day.