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Meta Platforms' weak revenue guidance hit the stock and the broader tech sector badly. But strong long-term future of the tech sector, likely Fed rate cuts from late-2024 are tailwinds for the space.
U.S. stock futures fell in premarket trading on Thursday after Meta spooked investors with its AI spending plans, raising concerns about what awaits when Microsoft and Google report after the bell.
Anyone waiting for a pullback in Meta Platforms NASDAQ: META stock should cheer the Q1 results. The news underscores the company's strengths yet resulted in a 15% correction in the share price.
Tech stocks tumbled in premarket trading Thursday after lackluster forecasts from Facebook parent Meta spooked investors across the sector, a sign that Wall Street's willingness to embrace artificial intelligence may not match the seemingly boundless enthusiasm of Silicon Valley.
Meta's tracking ads business could be facing further legal blows in the European Union: An influential advisor to the bloc's top court affirmed Thursday that the region's privacy laws limits on how long people's data can be used for targeted advertising.
Though Meta's first-quarter results beat expectations, revenue guidance was disappointing. Strong first-quarter results helped the social network specialist's earnings per share more than double year over year.
Wall Street looked to be dragged lower by a slump in Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) shares overnight after the technology giant disappointed with guidance in Wednesday's first quarter update. Shares in the Facebook and Instagram owner were down 14% in pre-market trading after Meta said spending on artificial intelligence would be higher than expected for the year, while revenue would sit between $36.5-$39 billion, against consensus of $38.5 billion.
Among the standout performers dubbed the ‘Magnificent Seven,' Meta (NASDAQ: META) shines with an impressive 42% year-to-date growth, fueling analyst optimism and setting high revenue targets for the second quarter.
Meta shares plunged as much as 15% in premarket trading, dragging US futures lower. Investors weren't convinced by Mark Zuckerberg's plan to keep spending tens of billions on AI.
One of Nvidia's biggest customers, Meta Platforms, raises its projected investment in artificial intelligence but highlights the role of its in-house chips.