Meta forecasts higher AI spending and weaker revenue
The Star Online - Tech·2024-04-25 08:01
(Reuters) - Meta Platforms disappointed investors on Wednesday with forecasts of higher expenses and lighter than expected revenue, sending its shares tumbling as it races to catch up in AI.
Shares of the Facebook and Instagram parent dropped about 13% in extended trade following the report, evaporating $160 billion worth of stock market value. Alphabet shares fell 2% and Snap shares fell more than 5%.
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