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Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance

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This must be 'opposites' week.

Meta Platforms raised its capex guidance for 2024.

traded flat to down for much of Wednesday regular session. Thismust be opposites week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms , the parent company of Facebook, Instagram and Whatsapp and the Oculus, produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.

's intrinsic value. The daily chart below shows that support sits in three places. First, there's the 50-day Simple Moving Average at $495, a level that Meta Platforms has been lately trading below. Then there's the 100-day SMA near $434. Below there, the $400 level comes into view, which is near where

 

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