Normally when companies beat earnings estimates during the earnings call, the stock jumped and if they miss expectations, stock drops.
In the recent earnings all stocks dropped unless it's a double digit beat. You named it MSFT, Meta, PayPal, ... they all beat EPS and Revenue slightly and they all dropped. In long term it doesn't matter much, but what's the purpose of earnings expectations? Currently we have the best Q1 season of the S&P500 for years.