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Tech earnings bonanza: 7 trades on big movers

A bevy of big-name technology earnings reports on Thursday set off a flurry of activity in after-hours trading. Some key players in social media shot higher, while other notable tech companies fizzled on disappointing news.

CNBC's "Fast Money" traders considered how to trade the sharp movements in extended hours.

GoPro

GoPro's shares initially soared after its quarterly earnings report, but later saw a huge reversal to go about 15 percent lower. Strong fourth-quarter sales drove the rally, but dropped quickly after the wearable camera maker projected weak first-quarter guidance.

Read MoreGoPro shares sharply reverse, drop 15% on guidance

GoPro's sales will soon start to suffer as competition from companies like Apple looms, trader Dan Nathan said.

"Once there's a clip-on camera, I think this thing is done. I think this is like the Pets.com of this tech era," he argued.

Twitter

The Twitter banner hangs at the NYSE.
Adam Jeffery | CNBC
The Twitter banner hangs at the NYSE.

Shares in social media company Twitter sailed about 10 percent higher after it beat Wall Street expectations for quarterly earnings and revenue but disappointed in monthly active user growth. Traders touted its prospects moving forward.

"My bullish thesis has to do with that this is a very scarce social media property. It's got a huge, huge road map ahead of it and I think we're quarters away from recognizing that, so I think you have to be patient here," Nathan said.

Read MoreTwitter earnings strong, user growth disappoints

Twitter will continue to move higher and investors should "stay with it," trader Guy Adami said. Trader Steve Grasso, who is long in the stock, said a sustained climb after shares moved higher into the earnings report was a good sign.

Pandora Media

Shares in music streaming company Pandora slipped about 20 percent after it missed Wall Street quarterly revenue expectations on slowing mobile advertising growth. The selloff, which brought the stock to about $15 per share, offers a good entry point, Adami said.

"I think this move is overdone on the downside. I think it's worth a look," he added.

Read MorePandora plunges on revenue miss

Grasso added that, "it's still a buy here."

LinkedIn

Shares in social media company LinkedIn floated nearly 8 percent higher after it beat Wall Street expectations for quarterly revenue. The sharp climb marks a good selling point, Adami said.

"I wonder if this is the euphoria to take profits in. My sense is you do," he said.

Disclosures:

Dan Nathan

Dan Nathan is long YUM Feb 72.50/68 put spread, TWTR, TWTR Feb 37.50 puts, BBRY June call spread, XLU March 48 / 44 put spread, QQQ Feb 101/ 95 put spread, XRT March 90/85 put spread and DIS Feb 92.50/87.50 put spread. He is short TWTR June 52.50 calls.

Steve Grasso

Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS, TWTR and YHOO. His firm is long AMZN. His kids are long EFG, EFA, EWJ, IJR and SPY.

Karen Finerman

Karen Finerman is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, M and MTW. Her firm is long AAPL, BAC, PLCE, C, CMLS, DIS, FBT, FINL, FL, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, MTW, SUNE and XBI. Her firm is long calls C spreads and JPM spreads. Karen Finerman is on the board of GrafTech International.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.