NEW YORK, April 25 — Meta Platforms’ shares plunged 14 per cent in premarket trading today as the social media firm’s comments around prolonged spending on artificial...
‘Pu’er’ at Pohutukawa: How a sanctuary in Section 17, PJ exudes both cool Kiwi and warm Taiwanese café vibes
The company’s dour expense and revenue forecast yesterday sent its shares 15 per cent lower in after-market trading. The selloff erased nearly US$200 billion off the Facebook-Instagram parent’s market valuation, bringing it down to about US$1 trillion.Meta narrowed its forecast for expenses this year in the range of US$96 billion-US$99 billion from US$94 billion-US$99 billion to support investments in new AI products and the computing infrastructure needed to support them.
Meta, a forerunner in the race to catch up to generative AI market leader OpenAI, has been updating its ad-buying products with AI tools and short video formats to boost revenue growth as well as introducing new AI features like a chat assistant. CEO Mark Zuckerberg told analysts on a conference call that the focus on AI would “grow our investment envelope meaningfully before we make much revenue from some of these new products.”
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