The sales forecast announced by Facebook’s parent company Meta Platforms on the 24th is The disappointing results have tech investors on edge ahead of major companies’ earnings reports in the coming days.
Meta’s stock price plunged 19% in after-hours trading. Exchange-traded funds (ETFs) that track the Nasdaq 100 index, which is heavily weighted toward high-tech companies, fell 1% at one point. Meta announced sales forecasts for this quarter that were lower than market expectations, and raised its capital investment target.
“Meta will embrace artificial intelligence (AI) in its operations, but so far it does not appear to be the biggest beneficiary of AI adoption,” said Jack Avelin, chief investment officer at Cresset Wealth Advisors. pointing out. “Disappointment on sales has overshadowed optimism about AI. AI could eventually lead to cost savings, but we don’t see it yet,” he said.
Announcement of financial results on the 25th Alphabet stock fell 3.3%. Financial results are scheduled to be announced on the 30th. Amazon.com fell more than 2.5%. Social media companies Snap and Pinterest each fell more than 6%, while Reddit fell 1.8%.
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Original title: Meta’s Miss Sparks Fear in Tech World With Earnings Looming (1) (excerpt)
Tags: Meta stock plummets disappointed weak earnings outlook cautious major tech companies financial results Bloomberg
