A beat is not good news.

Most people think a company that tops estimates goes up. Friday proved otherwise on $INTC .
📌 What actually moves a stock on earnings day
Price already contains the expected result. What moves it is the gap between the report and what was priced in - plus guidance, which is about the future, not the quarter.
Worked example from Friday for $INTC :
→ Intel beat Q2 estimates
→ Fastest revenue growth in nearly 15 years
→ Stock closed down 7.9%
Three things beat the beat:
1. Expectations were already high — the bar, not the result, sets the reaction
2. Guidance and margin mix matter more than the headline EPS
3. A 4.70% 10-year compresses the multiple no matter what the quarter looked like
Takeaway: before Wednesday's $MSFT and $META prints, don't ask "will they beat?" Ask "by how much do they have to beat, and what does guidance need to say?"
That's the actual trade.