Meta shares sink on higher AI spending, light revenue forecast
Thu, Apr 25, 2024 8:52 AM

Meta shares sink on higher AI spending, light revenue forecast

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Meta Platforms disappointed investors on Wednesday with forecasts of higher expenses and lighter-than-expected revenue, knocking nearly $200 billion off its stock market value and raising fears the surging cost of AI is outpacing its benefits. Shares of the Facebook and Instagram parent dropped about 15% in extended trade following the report, its m-cap plunging to about $1 trillion.

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