Is down over 15 in after hours trading. Erin delmore explains why. Meta Ceo Mark Zuckerberg piqued investors interest when he predicted 2023 would be the year of efficiency, and he won them over when he delivered on it. The stock nearly tripled last year. This year, meta shares are up another a0 . But on wednesday, meta released its First Quarter Earnings Report and shares initially slumped during after hours trading. Facebook s Parent Company did Beat Expectations on revenue and earnings, but it disappointed on its Revenue Forecast for the Second Quarter of the year. Higher expenses also weighed shares down. So wednesdays Earnings Report marked a back down to earth moment for the formerly red hot tech giant, and it moderates expectations for the months ahead as the company grapples over how to generate profit off of Generative Aland drum up Advertising Revenue in an increasingly crowded market. I spoke to tech analyst ray wang of constellation research, and asked him what he made of m
We start in the us, where shares of meta, hello. If you are justjoining us, you are in time with the top business stories. We start in the us, where shares of meta, the owner of facebook, instagram and whatsapp plunged in after hours trading after its forecasts disappointed wall street. Investors are concerned the huge amount meta is spending on Artificial Intelligence may not translate into higher profits. Lets show you the details. When it comes to how much money meta is making, profits came in at 12 point 4 billion in the first three months of the year. Thats more than double the amount it made this time last year, and better than expected. But heres one of the numbers worrying investors, meta expects its costs to rise to almost 100 billion this year, as it invests heavily in al and virtual reality. Coupled with a forecast that revenues will barely grow in the Current Quarter that sent shares plunging some 13 in after hours trading. Wiping as much as 160 billion off its stock market
Meta Ceo Mark Zuckerberg piqued investors interest when he predicted 2023 would be the year of efficiency, and he won them over when he delivered on it. The stock nearly tripled last year. This year, meta shares are up another a0 . But on wednesday, meta released its First Quarter Earnings Report and shares initially slumped during after hours trading. Facebook s Parent Company did Beat Expectations on revenue and earnings, but it disappointed on its Revenue Forecast for the Second Quarter of the year. Higher expenses also weighed shares down. So wednesdays Earnings Report marked a back down to earth moment for the formerly red hot tech giant, and it moderates expectations for the months ahead as the company grapples over how to generate profit off of Generative Aland drum up Advertising Revenue in an increasingly crowded market. I spoke to tech analyst ray wang of constellation research, and asked him what he made of metas soft outlook. They outperformed in their results, but the chal
Erin delmore explains why. Meta Ceo Mark Zuckerberg piqued investors interest when he predicted 2023 would be the year of efficiency and he won them over when he delivered on it. The stock nearly tripled last year. This year, meta shares are up another a0 . But on wednesday, meta released its First Quarter Earnings Report and shares initially slumped during after hours trading. Facebook s Parent Company did Beat Expectations on revenue and earnings, but it disappointed on its Revenue Forecast for the Second Quarter of the year. Higher expenses also weighed shares down. So wednesdays Earnings Report marked a back down to earth moment for the formerly red hot tech giant, and it moderates expectations for the months ahead as the company grapples over how to generate profit off of Generative Aland drum up Advertising Revenue in an increasingly crowded market. I spoke to tech analyst ray wang of constellation research, and asked him what he made of metas soft outlook. They outperformed in t