London CNN —Shares in Meta plunged in premarket trading Thursday as the Facebook owner’s plans to “invest aggressively” in artificial intelligence spooked investors.
The company is competing head-to-head with Microsoft and Google to unlock the enormous potential of AI.
Meta (META), which also owns WhatsApp and Instagram, said Wednesday that first-quarter profit more than doubled year-on-year, while revenue was up 27%.
Meta said full-year capital expenditure would be in the range of $35-40 billion — up from previous guidance of $30-37 billion — as it continues to accelerate infrastructure investments to support AI.
Meta has forecast revenue of $36.5-39 billion, versus analyst expectations of $38.2 billion.
Persons:
—, ” Sophie Lund, Yates, Hargreaves Lansdown, Meta, Mark Zuckerberg, ”, Stephen Innes
Organizations:
London CNN —, Meta, Facebook, Microsoft, Google, ”, Management