Meta Platforms reported record first-quarter sales, building on AI momentum in its ad business, although investors soured on forecasts of rising costs.
Meta’s earnings release showed revenues at the company — whose platforms include Facebook, Instagram and WhatsApp — had risen 27 per cent to $36.5bn in the first three months of 2024, just above analysts’ expectations of $36.
Meta ’s stock price sank by over 16 per cent on Wednesday after the tech giant’s chief Mark Zuckerberg said it could take the company years to profit from its generative artificial intelligence projects.
Meta CEO Mark Zuckerberg unnerved investors on the company's quarterly earnings call Wednesday by focusing on its long-term investments in AI and the metaverse. Shares of Meta tum
Meta plunged nearly 11% Thursday after the Facebook-parent forecast higher expenses over its plans to “invest aggressively” in artificial intelligence. The Mark Zuckerberg-led tech giant’s stock closed at $441.