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. REUTERSGonzalo FuentesFile Photo

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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