Meta shares fall 15% on weak revenue forecast, higher AI spending

New Delhi, April 25, 2024.

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 market capitalisation plunging to about $1 trillion.