Disappointing Meta forecast pulls down tech peers in extended trade


FILE PHOTO: A Meta logo is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 14, 2023. REUTERS/Gonzalo Fuentes/File Photo

NEW YORK (Reuters) - Disappointing forecasts from Facebook parent Meta Platforms has proven contagious, sparking a sell-off in tech and tech-related stocks in after-hours trading.

Meta said it expects increased spending on AI technology and lower revenues in the current quarter, sending its stock down as much as 13% in extended trading.

Amazon.com Alphabet, Nvidia and Microsoft were off 2% to 3%.

Social media peer Snap slid more than 6%.

Meta's results come after last week's announcement that it was enhancing its AI assistant's presence across its suite of apps.

(Reporting by Stephen Culp; Editing by Marguerita Choy)

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