Meta Platforms (META) late Wednesday posted first-quarter earnings results that topped expectations, with 27% year-over-year revenue growth. But Meta stock fell sharply as the company gave lower than expected revenue guidance and raised its expectations for spending, citing its artificial intelligence push.
Source – Meta Stock Slides Despite Q1 Earnings Beat | Investor’s Business Daily (investors.com)
One analyst referred to Meta as a victim of “AI fever.”
CEO Mark Zuckerberg upheld the company’s intention to “invest significantly more over the coming years” in order to further its AI goals. Meta shares fell more than 10.5% on the stock exchange on Wednesday to settle at 441.38. The decline drove Meta stock to its lowest point since late January.
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