Tech

Shares in Meta plummet as it forecasts spending spree

Shareholders were spooked by revenue guidance for the next quarter

Mark Zuckerburg, Meta’s chief executive, did his best to soothe Wall Street. Picture: Anadolu

Shares in Meta have plummeted after its results missed analyst expectations and it revealed that it will spend billions of dollars more than expected this year.

In its first quarter results the technology firm raised its estimates for costs for the year and now believes capital expenditures will be $35 billion (€32.64 billion) to $40 billion. Earlier, it estimated expenses related to things like servers, AI hardware and data centres would be $30 billion to ...