Parent of Facebook and Instagram reports better than expected quarterly revenue but raises capex guidance
Mark Zuckerberg rekindled investor fears that he would not control costs at Meta after vowing to increase spending and turn the social media group into “the leading AI company in the world”, sending its shares tumbling more than 12 per cent in pre-market trading on Thursday.
It added it expected capital expenditures to continue to rise next year, and also raised the lower range of its 2024 full-year expenses guidance, from $94 billion to $96 billion. It has forecast revenues for the current quarter in the range of $36.5 billion-$39 billion, versus consensus estimates of $38.3 billion.Central Bank lays down a marker ahead of the Budget
The after-hours fall in Meta’s shares wiped billions of dollars off its market value. It is a sharp reversal for a stock that had risen more than 40 per cent this year, having been in record territory since a bumper fourth-quarter earnings announcement in February during which it announced its first dividend and signalled a strong recovery from a recent advertising slump.
In his opening remarks to investors on Wednesday’s earnings call, during which the shares continued to slide, Mr Zuckerberg attempted to assuage investor fears over the spending by pointing to the company’s “strong track record” of monetisation.
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